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In this video, Mike the businessman emphasizes the importance of having a proper rental agreement for vehicle rentals. He shares that many people, including his mentees, often overlook this critical step due to excitement over securing clients. Mike highlights that he invested over a thousand dollars to have a lawyer create his rental agreement to ensure all bases are covered. He stresses the risks involved in renting out vehicles without a formal agreement, including potential legal issues and complications in case of incidents. Overall, he urges viewers to prioritize having a well-structured rental agreement in place before proceeding with rentals.