@Tara993 In my opinion, arbitrage is a horrible idea. You are taking a huge risk with no guaranteed income. It's also extremely difficult to find a landlord/owner willing to write you a lease allowing you to sublet. You're better off buying a place than doing arbitrage.
The STR market is oversaturated in many areas, and there are no guarantees of income. I've been hosting for almost 5 years (I own the property) and this year is very slow compared to others. I'm fine with the bookings I've been getting, but if I were in an arbitrage situation, I'd be freaking out.
You're better off trying to start as a co-host and learning the STR business with its ups and downs. After you gain experience doing that, you can then decide if hosting is for you. You may also be in a different financial situation that allows you to buy rather than rent, and the arbitrage idea may fall by the wayside.
Arbitrage is extremely risky. Please keep that in mind.
Kia