A vacation or villa rental can be more appealing than a hotel because it offers cost savings, more space, and local-like living experience. Plus, there are no tips, taxes, and charges associated with most hotels.

If you are looking for opportunities to earn residual income in the real estate sector, try setting up your very own vacation rental business. You can rent out a fully furnished home, cottage, or apartment to tourists. Start modestly and expand your business little by little. Make available clean and functional spaces for tenants. Draft a rental agreement with the help of a lawyer, so you get your interests protected. Set up an office where you run the business – a spare room at home will do. Advertise your business effectively and extensively. Put up a website for Internet marketing. If you cannot handle the business, hire a property manager in your stead.