I'm working as a Hospice LPN right now, while finishing up my ASN. There are a ton of them here in Florida. I definitely think it's a better alternative for loved ones, than a nursing home. But just like everything, some are better than others.
Most of the ones I have seen, the owners don't live there. They will hire one or two caregivers, who reside in the home. The residents are usually independent, though I have seen some who are bed bound.
It's a lot of hard work though, mostly for the actual caregivers. They are responsible for cooking all meals, washing clothes, giving meds, cleaning/bathing the ones who need assistance, doctor's appointments, etc. And families visit much of the day, since you typically have about 6 residents. And their various relatives work different hours.
I'm sure you can find more information on the internet. But I found this link that might give you some sort of idea of how it works: