Information for rental property owners to report their rental income and expenses on Form T776, Statement of Real Estate Rentals. Please see the attached sample letter you can use to ask permission from your landlord to assign or sublet your unit.Incidental expenses Your costs on top of base rent. In a sublease, an entity is both a lessee and a lessor for the same underlying asset. Subleasing, on the other hand, is when a subtenant takes over a piece of or the entire space and the original tenant then plays the role of the sublandlord. Looking to sublease your rental? Easily create a Residential Sublease Agreement. 1. Review your business. First, take stock of your business to figure out your real estate needs.