Detailed Business Plan in REI

[Brian Bern]

I'm still a REI newby. I purchased my home last March and have since made a new years resolution to buy my first rental in 2008. I've read many of the forums on biggerpockets, have already read as many motivational books I need, and now I am into the nitty gritty books with the details of running a business. The book I am reading through at the moment is from the Smart Start Series, How to Start a Business in Colorado. I believe a lot of the essentials apply to REI, but not all of it.

My question to the biggerpockets community is how important is it to have a detailed business plan going into REI's? I understand the importance of analyzing each property before going forward with a deal, but do many of you have a business plan for your corporation as a whole, or is it more of a property by property analysis?