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In today's video, Mike the Businessman discusses the importance of having a proper rental agreement when renting out vehicles. He shares that many people, including his mentees, often overlook this essential step due to excitement about new clients. Emphasizing the need for a legally sound rental agreement, Mike reveals that he invested over a thousand dollars to have his created by a lawyer, highlighting it as a crucial measure to protect oneself. He warns that failing to have a proper agreement can lead to various legal issues and complications, particularly in the event of an incident. Therefore, he stresses the importance of following established processes and procedures to safeguard one's rental business.