Buying a rental portfolio

[Reece Riggle]

I am contemplating buying a rental portfolio from a real estate investor in my area. All the properties are occupied, but they need to be remodeled. The projected cap rate is 11%-12% which is not bad at all, especially considering that once the remodels are complete, rents will more than double. The appreciation will likely be at least $300,000-$400,000.

I have a good lender that I have completed multiple deals with but want to make this an easier transaction. I am curious if other investors create a business plan or provide other documentation to loan officers? Any tips or advice will be greatly appreciated!