Type, location, income.

Few more thoughts on these three main questions that should be asked...and asked again whenever you go on this quest for a hospitality property.
What type...
A B&B is a very special kind of hospitality. If owning a lodging facility is a 24 hour commitment, this one seemed to us as 48 hr one!!!
I was leery of the need to do so much of the work myself, which is often the case in B&Bs. Cleaning the rooms, making breakfast, being on call at all times and having no privacy.
it seemed to us that the only way to generate income will be to have very high rates which will bring very demanding guests. Most B&Bs that we visited had a small restaurant and made more income this way. We did not want to do that.
For awhile we considered a campground. Less room cleaning. A summer crowd. A winter time off . They are usually sitting on a lot of land and a swimming pool or a lake. This seemed very promising.
We looked for a long time, we looked all over the U.S and could not locate even one that the cash flaw made any sense at all. This one is still a mystery to me.
So, we finally decided what we want is a small motel.
15-25 rooms. Some land. Good visibility but not right on a busy road. Some staff to help in the busy season. And in an area where the guests are tourists. We wanted to work with people who come for vacation and thus in a good mood and eager to learn about the area and its' attractions.
Mind you, it took us 2 years of soul searching, Internet searching and physical searching to come to this point.