Congratulations! You must be so excited!!!! What repairs do you have to do?
What area of the country? Was it a working B&B when you bought it? You say "former."
Are there other B&Bs in the area?.
Mostly the main house need a new roof and downspouts but the big thing is going to be the electric as it is kind of all over the place. The house is from the 30's and I think every owner tried to add something new in the way of electric.
There are other B&B's. We are just outside the B&B capital of the world (Asheville NC) but there are only a couple others in the little town we are in. It is not currently working - has been in foreclosure and largely vacant for a little over a year. And there are several really nasty reviews online from when it was operational in regard to dirt and poor upkeep. Needless to say, we are changing the name =) The property is gorgeous, though and so is the structure of the house, it just needs a lot of cleaning and painting and something done about all the 70's tile in the bathroom. Salmon pink is so not it.
(If you are curious, this is the TA page for the old B&B:
http://www.tripadvisor.com/Hotel_Review-g49648-d80690-Reviews-Mountain_Creek_Bed_and_Breakfast-Waynesville_North_Carolina.html)
Also, sorry if that link is wrong. In spite of being a child of the 90's, the last time I had a website, it involved the words geo and cities.
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