This article explores dilemmas, problems and success factors of rural tourism and gentrification in the context of territorial development through two Hungarian case studies. A new analytical approach is developed, based on parallel perspectives in economic, social and cultural dimensions, often becoming split realities, leading to problems in setting objectives, forming development strategies or communication amongst important local stakeholders. We claim that the iterative interplay between rural tourism and gentrification, preparing the ground for booming development well explains the process and its results. Territorial development, as we conclude, has to carefully apply neo-endogenous principles when working with rural tourism too.