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Fred Glick from Glick Watch explains real estate management on the channel. He discusses the three main parts of the rental cycle - showing the property, renting it out, and turning it over after a tenant moves. In the first phase, necessary documents include a rental application, lease agreement, and move in/move out form. It's essential for all adults intending to live in the property to apply, provide ID, and undergo credit and background checks. Compliance with federal, state, and local laws is crucial.