Sub-Leasing & Liability Help!!!

[James Gilpin]

Hi All, My good family friend has a property in a student area that he has asked me to rent out and look after for him. He was thinking a 3 year lease. He has told me that I can lease the property off him and then sub lease each room individually to friends. Basically after I rent each room out I will have a little bit of cash left over to keep. My questions are: Do I need a license to do this? Does his landlord insurance cover the sub-tenants if they were to damage the building? Could I be held liable for anything for the sub-tenants if the were to get injured or anything? Should I have something in the original contract in case I can’t fill the rooms? It seems like a great way to build some small cash flow with nothing down but want to make sure myself and the owner are clear for any liability. Thanks!!