Pay the expenses as you usually would.
Receive the rent using a service item that is linked to a liability account
Cut the check for the payment to the owner
line one: liability account, full amount received
line two: sales tax payable, and the amount as a negative number
line three: rental expense account, and the amount as a negative number
line four: your commission income account, and your income amount as a negative number.
save and print.
The owner will be subject to a 1099-misc at year end.