cohosting vs property manager

[Daniel Murphy]

I'm interested in knowing the difference between co-hosting vs. being a property manager.  

A friend had 3 properties in Lee county of Florida that they STR. They started the idea of being a property manager for others in the area but found out that you need to be a licensed realtor in order to be a property manager. Could they co-host instead?

What are the tradeoffs, differences, pro/cons etc.  

Thanks in advance...