Renting Rooms out...As a Renter

[Jacob Loyacano]

I am new to Real Estate and am thinking about dipping my toes in to seeing what it feels like to be a landlord. For a three bedroom home I would sign a lease from a landlord (and homeowner). I would live in one of the rooms. Then I would rent out the other two rooms. I suppose this is somewhat similar to AirBnB arbitrage but with longer term tenants.

1. As the leaseholder and not the home owner, am I able to write up my own lease and have other renters sign my lease? 

2.Has anyone else done this? 

3. Pros vs. Cons? 

4. Is this something I should steer clear from?