As an Internet Marketer, what I found interesting is that many of our hosts have turned one spare bedroom into a part-time income, and in fact, some of them were able to quit their day job once they started renting out roughly three rooms.
This is not passive income; if you want to do this right and earn a good income, you will need to work hard. Of course, there are rewards in addition to the money, and if you do this full time, you'll no longer have to spend time and money commuting to work. In some cases, your hours will be more flexible, (and clearly, in other cases, you'll have more time constraints to take care of your guests).
There's also the potential for a strong social aspect, as you meet people from all parts of the world. In fact, we met one couple who started renting out rooms in their beach house because they were retired and lonely and bored, so doing this had the effect of "bringing the party to them". (They also managed to gross US$20k each summer; not a bad antidote for boredom.)
Social contact is not a requirement, by the way, as long as one is honest about not being around to chat. I just personally think socialization is normal and healthy... but that's just me.
The rules for both the Warrior Forum and AirBnB do not allow me to post my affiliate link here, but if anyone here is truly interested, you can email me directly, (David at Beroff dot com), and I will send you a link which will give you a free $35 travel voucher just for signing up through me. Registration does not commit you to do anything! You can (and probably should) send them copies of your driver's license and other documentation before you ever list your properties. There may also be a brief phone call involved.
Speaking of the initial vetting process, there are many other safety features also built into the service. e.g., Your private contact details are only revealed once a guest has paid, and they pay up front (upon booking) into an escrow account that's released to you after they have checked out. You also have full control over your calendar of availability
As for pricing, you'll start off low at first, of course, and gradually play with the pricing to see what works, especially during local events. As you build your reputation with the system, you'll do comparative searches to learn what features are worth what amounts. (e.g., A private bathroom, rather than a shared one, may very well prove valuable.)
You definitely want to stress the local culture in your listings, since people will be searching for things like "wine country" or certain football games. In fact, many successful hosts incorporate a word or two of that right into the title of their listing, e.g., We'd seen "Chocolate" and "Amish" when we traveled to the Pennsylvania Dutch area, which is near Hershey, PA. Everything IM people know about SEO will come in handy here, as well! Pictures are also very helpful, both inside and outside.
You also want to offer a glimpse into your own personality, what you like to do, who you are and how you fit into the property offering. Potential guests like to have a connection.
The more details and total honesty you can offer, the better. You want to communicate your feelings about noise level and hours, smoking policy, your pets and theirs, safety, and so on. Continue the conversation once you start getting contacted by potential guests; they are vetting you, and you need to vet them. We've been known to back away if something doesn't feel right about a particular person.
This is simply a quick introduction into the business of AirBnB hosting, and like every business, there are plenty of things to learn and improve upon as you grow. Maybe someday, we'll even have a chance to visit your home, (and pay you for the privilege)!