"The end of all things is near. Therefore be clear minded and self-controlled so that you can pray." NIV translation
We do not know the hour that Jesus will return but we do know that it is closer than ever before. Peter is telling us that, because of that fact, we need to take action. What action do we need to take and why? He says that we need to be focused on God's will (clear minded) and obedient to His word (self-controlled) so that we can pray. This is not talking of a simple pause to say thank you before a meal this is speaking of getting down to business with Jesus. We must continually pray for guidance from God through the Holy Spirit. If we do that, God will be with us and help us through the difficult times that are coming.
"Above all, love each other deeply, because love covers over a multitude of sins." NIV translation
When asked about the greatest commandment, Jesus said that the first was to love God and the second was to love others (see Matthew 22:34-40). Jesus demonstrated this love when He went to the cross for our sins and that is what it is talking about covering over sins. Our love for Jesus, which is due to the fact that He loved us first, enables us to love others and is a sign that we are saved.
"Offer hospitality to one another without grumbling. Each one should use whatever gift he has received to serve others, faithfully administering God's grace in its various forms." NIV translation
In verse 8, we were told to love each other and here we see that love is practical and has a purpose. It is practical in that it is given, with a joyful heart, to others to help to meet a need.
The purpose is so that we can show God's grace to build up others and let them know about our Lord Jesus Christ. God has prepared these things for us to do (Ephesians 2:10) and so we just have to learn to listen to the prompting of the Spirit and to use our gifts as directed.