Verifying last 2 years of rental history very important!

Before taking this on I’d verify with the historical society and building department what process you need to go through to renovate and if there are any requirements on what you’re allowed to do or not do. 

If you have a “Preapproval” it can be much more valid, the lender may or may not have gone thru the DU process  The reason to ask for a DU is to verify that the lender Actually looked at everything they should have in order to Preapprove you and that they actually Did the DU step  It is in Your best interest to provide the DU if you want the seller to be confident in your offer.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

As a landlord, I verified the work needed by pictures being sent, and arranged for a contractor to go in person who is licensed and insured to give an estimate for the work stating to management company this would likely have to come out of a security deposit.The management company was initially asked prior to me arranging this appointment with contractor, to have someone professional quote the damage, and they disregarded my wishes and without my knowledge, or notifying me, granted consent to the tenant to fix the door " in any way they see fit, and to attempt to fix it themselves to the degree of their liking." 

When you go into due diligence, request bank statements to verify actual income collected and expenses.

My examples just happen to be two items  that kill many of these conversions after the zoning permit is issued so best to verify what obstacles if any exist early on.

Verifying last 2 years of rental history very important!

Any sophisticated and honest real estate investor would know these cap rates are ridiculous and you could easily verify their absurdity with cap rates of comparable properties that have sold.

Thanks for your response @John Underwood    The bank is saying that her deposit posted on that day but not verifying the end of day balance.