To let can mean to allow or to rent out. As you'd expect, it goes: I let, you let, he lets, etc.

A let can be a nullified play in sport or a rented property. As you'd expect, the plural is lets.

Let's (with an apostrophe) is a contraction of let us. It is similar in meaning to we should.

Let and Lets

The word let has several meanings. It can be a noun or a verb.

As a noun (e.g., a holiday let), it has the plural lets (e.g., three holiday lets). As a verb in the
present tense, it goes:

 I let
 you let
 he/she/it lets
 we let
 you let
 they let

Below are the meanings for let:

A play usually in racket/racquet sports) which is nullified and has to be played again.

 The ball touched the top of the net causing a let.

 There have been three lets on this serve so far.

A rented property (as a noun):

 This is a holiday let.

 There are a few lets on this estate.

To rent a property (as a verb):

 She is prepared to let this building for six months.

 This building is to let.
 She lets several houses in the area.

To allow:

 He let the dog lick his lollipop.

 Paula lets him cook the dinner on Fridays.
 The man who lets himself be bored is even more contemptible than the bore.
(Samuel Butler, 1835-1902)
 There is always one moment in childhood when the door opens and lets the future in.
(Graham Greene)
Let's
The word let's is a contraction of let us. Let's [do something] is close in meaning to We
should [do something]. For example:

 Let's go fishing.
 Let's have a party. Oh yes, let's.
 Let's have a party if mum lets us.
 I'm all in favor of keeping dangerous weapons out of the hands of fools. Let's start
with typewriters.
 Life loves to be taken by the lapel and told: "I'm with you kid. Let's go."