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In the YouTube video tutorial, Mike the businessman discusses the importance of having a proper rental agreement when renting out vehicles. He highlights the importance of having a rental car agreement created by a lawyer, emphasizing the need to cover all bases to avoid potential legal and financial issues. Many people skip this crucial step and start renting out cars without a proper agreement, which can lead to problems in the event of an incident. Mike stresses the significance of following processes and procedures to ensure a successful rental business.