You can stay overnight at the Ping'an Zhuang Village, which is a perfect place to see the rice terraces. Most of the guesthouses were built with wood with basic faciities. There is one high-end boutique hotel on a higher platform called Li An Lodge. Other good options include Star Wish Resort, Ping An Hotel and Liqing Hotel, etc. 

If you are adventurous enough, you can go further to Daizhai, it is a Yao people's village. There are limited guesthouses there as well, and the facilities might be more simple and basic. The village is less touristy compared with Ping An Village.