Addendum for Rental Arbitrage?

[Richard Davis]

I'm getting into rental arbitrage, and I'd like to have an addendum I can offer to landlords to be added to their existing lease. The idea is to cross out the "No subletting" clause from the lease and replace it with "See addendum." The addendum should at least specify that I'm allowed to do short-term sublets through AirBnb, etc. Perhaps there are also other clauses it would be helpful to include for my arbitrage business.

Does anyone have an addendum for this purpose that they'd be willing to share? Or even a set of points that should definitely be covered somehow in an addendum? I'm a newbie and would certainly be grateful.

[John Underwood]

Quote from @Rick Albert:

I haven't done this yet but as a landlord I would want a lot of assurances.

-What kind of insurance to project the landlord? Having them named as additionally insured.
-What happens if laws change and you can no longer do Airbnb? What happens then?
-If the city imposes fees or taxes, who covers it? For example Malibu requires a 15% tax on gross revenue. 

Those are some initial thoughts.

 Also the insurance has to be changed to a commercial policy that the owner needs to have in their name before canceling the landlord policy. 

It should state how much profit is being shared with the owner in addition to the normal guaranteed lease amount. I would want the person subletting to personally guarantee the lease and a larger deposit for the risk. (No LLC).

I'm sure there is more that should go into it.