Master Lease Rent Payment to Owner
I'm chatting with a guy who has a 5/2 SF house in the Tampa Bay area and he's renting out 5 rooms on a month-to-month basis. He doesn't want the hassle of doing that anymore, but selling his property will be a challenge.
I suggested doing a master lease listing me as the master tenant and then I would sublease the rooms to his current tenants. I would basically do what this owner is currently doing, which is more or less property management. He asked me for numbers, but I have no idea what would be equitable for something like this. To me, it's like Airbnb arbitrage, but for mid-term rentals.
He's getting $4K/month total rent. If that's what I would be getting from my sublessors (i.e.current tenants), how much rent should I pay the owner?
Your feedback would be greatly appreciated.