As for arbitrage, I'd rather you educate yourself and become a co-host/STR property manager.

Me and another local host a real estate investor Meetup the first Saturday of each month.

These are all solvable problems you can draft a business plan for, then propose your strategy and projected business benefits to the host.  

Also my team is hosting an investor class next wednesday over the flipping process.

@Jhim Handrex there is a meetup coming up on the March 30th, 12- 2, hosted by @Tyler Jahnke at the Original Pattern Brewing.

The hosts don't need to do anything.

I use hostfully guidebooks. 

It seems their recommended strategy hasn't really changed and aligns pretty closely with what I read in Stephen Fishman's book "Every Airbnb Host's Tax Guide," that is to set up a Wyoming LLC that holds an LLC in the state where property owned (or another vehicle in CA where LLCs are so pricey) and hold it as a partnership. 

Gone are the days when MTR hosts could use second hand furniture or Ikea products and be successful.

I normally host a monthly virtual real estate meetup event in Houston.