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In this YouTube tutorial, Mike the businessman discusses the importance of having a proper rental agreement when renting out vehicles. He highlights the risks of not having a legally sound rental agreement in place, emphasizing the need to cover all bases and ensure processes are followed. Mike paid a lawyer over a thousand dollars to create his rental car agreement, emphasizing the importance of having one to avoid legal and practical issues in the event of an incident. Skipping this step can lead to potential problems for both parties involved.