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In this YouTube video tutorial, Mike the businessman emphasizes the importance of having a proper rental agreement in place when renting out vehicles. He highlights the potential risks involved in not having a legally binding agreement, and stresses the importance of consulting with a lawyer to create a comprehensive rental car agreement. Mike warns against skipping this crucial step, as it can lead to legal issues and problems in the event of an incident. It is essential to follow processes and procedures to protect both parties involved in the rental agreement.