So I recently purchased a miniature skid steer for some landscaping projects around my house. I did this as the local sunbelt rental store gets $200/day for one and for the amount of time I’d need it for, it was more cost effective for me to buy one and sell it after I’m done as I won’t loose money on it because they are in high demand and I got a great deal.

But I’ve been thinking about possibly renting it out for roughly $125/day. With the intent to purchase more equipment in the future for renting out. Such as a mini excavator, plate compactor, stump grinder, post hole auger, etc.

Anybody have any advice before I do this? What type of insurance will I need? Anybody have a source for a basic rental agreement at little to no cost? I assume I should make them pay a refundable deposit? Just in case of damage/theft. Obviously the deposit wouldn’t be enough to cover replacement cost, as that would be absurd. Anything else I should be thinking about or considering?

Yes I know these things will need maintenance, and repairs. Most of which I’m equipped and knowledgeable enough to deal with. Also my wife and I own a few businesses already so we have a catch all llc for these types of ventures.

I’m in Wisconsin btw.