Need Advice for Inn

[Sue Copening]

I am looking for advice.

There is a property I am researching... a 10 room Inn on Grand Manan Island off the coast of Maine.

Because it is a "summer" destination only, and a hour and a half ferry ride, real estate is cheap there and this Inn can be had for under $400K. However research done so far indicates that it will need about $50 to $100K of refurbishing to update it. It is also in Canada, so there will be some additional legal expense.

I have experience in marketing a hotel, and management, and would be looking for silent investors that would take a couple of weeks a year, and a percent of the profits.

Does anyone have any experience setting something like this up? Perhaps using the legal structure of a "condo hotel" would be appropriate, or perhaps that of a "time share?"