Here’s what I’ve found from testing
You don’t need to schedule a meeting at all. The topics seem to be created & destroyed automatically. I’d recommend using random strings for the topic name; if you use common words, it’d be possible you’d try to join a topic created by someone else (a random password would help prevent others from accidentally joining yours). I assume two different API keys could join the same topic as long as the password was the same, but I haven’t tested this. A created topic seems to expire (thus resetting its password) after a few minutes of having no one connected to it.
In my experience, the first user to join the topic is automatically created as the host. That host can then pass the host status off to another account. In my implementation I added a check that fired any time a new user joined that is essentially “Am I the host and is the user joining supposed to be the host instead? If so, give them the host status”. It’s not ideal because the person who first join will have host powers up until the person who should be host joins. There may be a better solution to this, but I haven’t found it.