What business can I open given the location?

well i do have 8 rooms on the third floor, but the rooms are very small, you could fit a two persons bed and a table +/- a small chair but thats it, and it was actually meant for family living so there is only 1 shower and 2 toilets … not inside the room. is that going to be a problem ?

But other than that i guess i could set up a fridge and a stove, but than again i am afraid they might burn the house down. what do you mean by sues ? when you say insurance i think of what if they don’t pay rent, how should i go about THAT …. and the burning the house down part …. ?

Location,. location, location….And that is not spelled out in your post. What area, what business’ sorround your building area? Realistically, most business ventures fail because enough monies aren’t put into reserve to carry them through till the profits exceed the overhead costs. That more often then not takes time to establish a business where profits not losses can be made. Being a landlord is not as easy or profitable as one thinks. Yes you can be sued, you are responsible for upkeep, keeping up with the laws and guidelines of having everything up to code, cash on hand for anything that breaks….hot water tanks, roof leakage, water pipes, and any fixtures that come with the apartment. If you have a loose step and the person falls, you can be sued. Guarentee your renters will pay their rent? Yes you can evict but there are guidlines of your state you have to follow and after your own legal fees…I wouldn’t hold your breath on ever seeing the rent monies paid to you. Likewise a business, particularly a bar requires obtaining a liscense, more guidelines, lot’s of expensive insurance and a good lawyer, to cover you, and the potential of dealing with lawsuits frivolous or not, it all costs a building/bar owner money. Are you going to be the kind of bar owner that draws a nice crowd or the troublemaking variety? How can you discourage one and not the other? My suggestion would be to hold off on “what business” until you take at least a minimal business course. Some State Employment Bureaus offer it for free and I would highly recommend taking your first step in that direction.

Sorry I ment lawsuit. Thats what the insurance is for cover if someone decides to file a lawsuit against you the insurance covers it. Same for the fire. But IDK if it would be feasible to setup a floor where someone could rent it out as a residence. As for making them pay rent well thats the tricky part. Have to be rather cold hearted there. No pay, no place to stay.