Is AirBnb Arbitrage still a viable strategy?

[Fisher Hudak]

Background: I'm 20 years old, going into my sophomore year in college in Detroit. I have a house hack that is cash flowing well and I feel that I am ready to make another move. 

Problem: Limited capital

I have two friends that expressed great desire to go into a deal with me. They are both very solid friends of mine- trustworthy and hard-working. I have no doubt that they would be tremendous business partners. They are young (also 20) and are limited in investing experience. After pooling our current funds together, we found that we have around $12k to work with at this point. We figured that wasn't going to be anywhere near enough to get us any kind of worthwhile traditional investment property anytime soon. 

We came across AirBnb Arbitrage and it seems like a strategy that we could pull off. Definitely would not be a long term wealth building strategy for any of us, but something to get us rolling while we are in college. However, after searching through the forums, I have found a lot more negative comments on the strategy than positive ones. I was excited about getting into it, but am definitely hesitant now.

Important note: My friend's mom is currently moving out of state and has to get rid of all of her furniture. We would be able to move all of the furniture right into the AirBnb. My understanding is that furnishing is one of the biggest obstacles to find a good deal, which is another reason why I thought this might work.

Is there something that I am missing, and does this make sense to move forward with?
Additionally, if we decide to go for it, would it be necessary to operate as an LLC? Not only for business purposes, but to appear more professional to landlords.