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The neo-endogenous approach to rural development puts great importance on territorialization, and aligns with place-based strategies and with microentrepreneurship because both concepts consider local specificities and leveraging local resources. This chapter analyzes characteristics of rural tourism establishments in Vojvodina, Northern Province of Serbia, of which the majority are microenterprises. The discussion focuses on aspects of microenterprise functioning such as human capital, offers, revenues, and non-material benefits. The aim is to analyze the local embeddedness of rural tourism microenterprises and their contribution to neo-endogenous rural development. Our results reveal that microentrepreneurs are embedded in rural places, but they face numerous constraints which in turn limits the benefits host communities might receive from place-based rural tourism development.