How do you start an Airbnb arbitrage business in 2027?

Honest 5/10 take. The model: lease a unit long-term, sublet it short-term, pocket the spread. Startup costs per unit: $4K-$12K (first/last/security $3K-$8K, furnishing $3K-$8K, photos, supplies, smart lock). Capital-light vs buying, but margins are thinner and risk shifts to you. Licenses/zoning: this is where most arbitrage operators die in 2027. You need (a) landlord written permission to sublet on STR platforms (most leases prohibit this), (b) city STR permit, often tied to primary residence which arbitrage cannot satisfy, (c) lodging tax registration, business license. Many markets effectively banned arbitrage. Read your lease and local code before signing. Customer acquisition: same as STR - Airbnb, Vrbo, channel manager, dynamic pricing. Multi-unit operators get scale via shared cleaners and software (Hospitable, Hostfully). Revenue model: target 2-3x the rent in gross bookings; net 10-25% after rent, cleaning, platform fees, utilities, supplies. Year 1: pick markets carefully. Plan for 2-3 month vacancy buffer per unit. Many operators scale to 5-10 units then stall on regulation. One eviction or platform delisting can wipe a year of profit. Higher operational risk than ownership.