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In this video, Mike discusses the importance of having a proper rental agreement when renting out vehicles. He highlights that many people, including some of his mentees, overlook this crucial step due to excitement in securing clients. Mike emphasizes that a legally sound rental agreement is essential and shares his own experience of paying over a thousand dollars to a lawyer to ensure his agreement covered all necessary aspects. He warns that failing to have a well-drafted contract can lead to various legal issues and complications in the event of an incident, underscoring the need for adherence to processes and procedures in the rental business.