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Depending on how you get your content, I think $20,000 - $100,000 is fair to get the doors open. You could also steal all your content and have zero content overhead, which would reduce your start up costs to almost nill if you are able to do most of the work yourself.
Maybe better to start with one site. You'd get it open faster and have money coming in faster, money that would help you grow the program and open more sites. Not to mention, you'd spend much, much less to get it open.
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