How to legally SUBLEASE a month-to-month without contract

[Francesco Barbati]

Long story short: 

I am renting a condo for below market value, month-to-month verbal contract from an acquaintance. I am moving out and since the landlord is very passive, lives out of state, has not time and knowledge about market rent here and I am renting below market value, I was thinking about subleasing the place and keep something in my pocket as well.

We don't have a written contract.

How do I do this legally? He is ok with that, but recently I realized that I could bump the rent up and still be below market value and keep the difference. I am worried that if I tell you he would get greedy and also he doesn't understand the involvement that renting a place require since I took care of this place and also rehabbed a little bit by-self.

Also what are the tax implications?

thanks in advance everybody!

[Nathan Gesner]

"I'm worried that if I tell you he would get greedy..."

"I'm worried that if I tell him he would get greedy..."

Hypocritical much?

It would be acceptable if you did it with the owner's knowledge but you're talking about doing it behind his back. Based on what you've written, I would categorize this as theft.