If I get the chance to visit South Africa, I will definitely fit in a stay at Lily's Cottage, and I'll also visit that beer cafe with a canine theme that you featured in another post!
I used to "manage" a couple of Airbnb flats. It started when a man came into the shop I was running and asked if I could give the key for his flat to some guests. At that time there were few Airbnbs, and it was much more laid-back, a bit like a couch-surfing programme. He has a lovely large flat, which he now rents out to long-term tenants.
It was fun doing the Airbnb management, but as you say, I used to get phonecalls at all hours of the night, and eventually I had to put my phone on silent at night - maybe not too professional! But we used to get a LOT of enquiries.
Our local Council has tightened up the regulations for Airbnbs quite a bit, though I don't think there are as many regulations as in your part of the world. If you live in a building with a shared entrance, you need Council permission to operate an Airbnb. I think the laws are much tighter for landlords renting to long-term tenants.
I looked into running the flat I let out as an Airbnb a few years ago, doing many of the investigations that you suggest, but they led me to realise that I would be better renting it out long-term. Some properties are ideal for Airbnb, but mine was not.