Interesting.
We had a friend’s wedding on our place a few months ago. Every wedding professional involved told us we were sitting on a wedding gold mine with our location. We got really excited until we started looking into regs, insurance, etc.
Heck, this is even in Rural KY where you don’t even need a permit to build a house.
I used to be a commercial real estate agent in the early 1980’s. I was appalled at the lease agreements for shopping malls. You don’t pay rent. You open your books to the mall owners and pay them a percentage.
That is, unless you want to find a horsehead in your bed (IYGMD)
One plus...if you are self employed you can deduct your health insurance premiums. Good luck.
Yeah, that last bit is what killed that Tex/Mex place down on the Louisville waterfront: the owners were paying a % of gross to the landlord.
As to your place, keep in mind also that beyond the paperwork hassle, if you were to rent it out for weddings you’d have to open it up to ALL weddings. If you chose to turn certain couples away you’d then be open to financial destruction via lawsuit.
The truth is that the US is no longer truly a free market, Capitalist economy. We’re Corporatist. Small players, which used to be the engine of growth, can’t meet the burden. Massive corporations, which can afford the overhead of admnistrative staff to handle paperwork and compliance issues, can.
I’ve been asked why I’m content with a cushy desk job that pays moderately well. My response is that running my own business would be miserable; that rather than dedicate my time to managing and growing the business (which I’d love) I’d have to focus way too much on the regulatory compliance side. So rather than being a jobs producer I’m a job-holder.