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In today's video, Mike the businessman discusses the importance of having a properly created rental agreement when renting out vehicles. He highlights that many people, including his mentees, overlook this crucial step and fail to follow proper processes and procedures. Mike stresses the importance of having a rental agreement created by a lawyer to cover all bases and avoid legal and financial risks. Skipping this step can lead to potential problems in case of incidents, emphasizing the significance of having a comprehensive rental car agreement in place.