Sadly, we tried to do this and were inundated with requests in Panama City Beach and got bookings weeks out before we realized how fast people sign up. We closed it after only 12 hours. Do NOT allow instant book as that was our problem. When one of the "renters" appeared to be getting power back shortly and their stay was 1.5 weeks away, I was called "prejudiced and discriminatory" when I asked her to cancel. Ugh.
Be careful to not allow instant bookings like we did and only do it a week out or so. Things change quickly and people are looking for a free vacation if your place is nice like ours is, on the beach.
The biggest problem is there is no way to know how is really needy and who is not. Freeloaders and needy people can look very much alike.