Family homestead in Tuscany

[Kevin N. Saisi]

I am a small-time (4 LTR rentals) landlord in Maine. I have begun a discussion to purchase my grandfather's birthplace in Tuscany, but it needs work, and I have limited resources. My goal is to acquire and renovate the Tuscan farmhouse with two units. The plan would be to market the bottom level weekly during the peak season and split the off-season rental monthly and weekly. The upper level would be overflow capacity in the peak season and a 4-week or 12-week rental to digital nomads in the off-season. My goal in renting it would be to pay the acquisition and renovation costs and then to sustain the property. I had been considering offering a rent-to-own contract with recovery protections if the deal went sour.  However, I would need financial help with the renovation costs upfront. I don't need to make a profit on the property. I would be willing to make a co-hosting deal if someone has contacts in the region, as my responsibilities in Maine require me to be here more regularly. I am still assessing the project's overall cost, but if costs exceed 200k, it is a no-go. Correctly implemented, the resulting property value would exceed 200k, but I am looking to keep the building in the family.  Thoughts and suggestions are welcome.