Mid and Long-term rental arbitrage - How do you write the contract?

[Debbie C.]

My husband and I have signed a rental arbitrage lease agreement with a friend who has agreed to let us manage and rent out his house to tenants. We furnished the house and are planning to rent it out to medium and long-term tenants. But we are not sure how to write the contract. Do we need to disclose that this is a sublease, and do we have to give info to the tenants about the owner and our arbitrage arrangement with him? Or can we just write the contract as if it's like any other tenant?  Thanks in advance!