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How To Analyze Passive Real Estate Investment Opportunities (Udemy.com)

The Complete Guide To Analyzing and Investing in Commercial Real Estate as a Passive Limited Partner

Created by: Justin Kivel

Last updated August 2026

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What you will learn

  • How to evaluate different sponsors that pitch you investment opportunities
  • The different return metrics you should be focusing on (and what each of these represents)
  • The different fee and waterfall structures that are most common in real estate syndications and funds
  • What happens during the closing and post-close process when investing as a passive limited partner

How it compares

Against the other 75 rated Udemy courses in Real Estate on CourseDuck:

  • Rating4.7 out of 5higher than 58% of them
  • Reviews269#54 of 76 by number of reviews
  • Length2.2 hoursshorter than 77% of them
  • Last updatedAugust 2026more recently than 68% of them

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Course Description

Welcome to How to Analyze Passive Real Estate Investment Opportunities!

If you're looking to invest in real estate passively through real estate syndications or funds, this course will teach you exactly what you need to know to evaluate different sponsors, geographic markets, and individual real estate deal deals.

If you don't know me already, my name is Justin Kivel, and I'm the founder of a company called Break into CRE. And during my time working for a variety of different commercial real estate firms, I've worked on over $1.5 billion of closed CRE transactions, and I've also invested my own capital in dozens of real estate deals as a passive limited partner.

And through this experience, I've been able to see the investment analysis process from both sides of the table, and this course packages up everything I've learned to look out for when analyzing these opportunities.

So in this course, you'll learn:

  • How to evaluate different sponsors that might be pitching you investment opportunities

  • The different return metrics you should be focusing on (and what each of these represents)

  • The different fee and waterfall structures that are most common in real estate syndications and funds

  • What happens during the closing and post-close process, so you'll know exactly what to expect every step of the way

This course is perfect for you if you're looking to make your first passive investment, or if you want to improve your existing real estate investment analysis skills as you continue to grow your portfolio.

Here's what some of our students have had to say:

★★★★★ "Really Nice course. You get Excel sheets too which could be used to run your own analysis. The modeling is perfect. A must for people who are starting in real estate investing and for real estate professionals."

★★★★★ "Incredibly useful and practical knowledge. Thanks for tackling relative topics and making complicated matters simple and digestible, Mr. Kivel."

★★★★★ "This course was fantastic, it offered insight into many questions [...] that I had. What I really enjoyed was the time Justin took to develop and share the Excel model so we can work alongside him as the lecture progresses. Overall very clear and concise information that has been broken down so that beginners and more advanced students alike will enjoy and benefit from Justin's teaching style and knowledge."

If you're ready to get started, I'd love to have you in the class - just click the "Buy Now" button, and I'll see you on the inside of the course!

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Instructor Details

Justin Kivel

Master real estate financial modeling, advance your career, and earn more money.

If you’re an aspiring real estate investment professional looking to break into the real estate investment field, or a current real estate professional looking to advance your career and increase your compensation, you’re in the right place.

My name is Justin Kivel, and I’m a real estate investment professional with a love for teaching. Throughout my career, I’ve worked on over $1.5 billion of closed acquisitions across multifamily, retail, office, and mixed-use properties. I’ve had the opportunity to work with some of the brightest minds in real estate investing and have spent almost a decade in the industry across private equity, finance, and brokerage roles.

Unfortunately, most of what I know today I had to learn on the job. Although great courses exist on Microsoft Excel and financial modeling, I couldn’t find a resource that was specifically tailored toward real estate investment professionals that would actually walk me through exactly what I needed to know to succeed in the real estate investment industry.

These courses are that resource.

After dozens of phone calls and coffee meetings with college students and aspiring real estate investment professionals, I realized that most people were asking exactly what I was asking when I was in their shoes.

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Reviews

4.7

269 ratings on Udemy

Select a bar to show only those reviews.Select the bar again to show every rating.

By JessicaLee on 3/27/2025

Great course for beginner! I already had some basic idea about real estate investing as a LP, so the first few sections were as helpful. However, once the instructor got to the actual calculations and spreadsheet, I recognized that it was the exact same spreadsheet used by a sponsor I'm currently talking to, and they definltey did their due diligence. This connection helps give me more confidence in the evaluation I had of the deal.

By Frank Colon on 1/19/2023

Exceptional course! Being on the sponsor side of business, it really opened my awareness as to what limited partners expect of my investment business.

By Lillian Darlene Common on 7/27/2022

As a new real estate agent, this course and many of the other courses I have taken have given me a great overview of the real estate industry and how it works as a market. Taking these courses will also allow me to map out a career path and narrow down which segment of the market I'd want to concentrate on. This is an excellent body of knowledge for working professionals that don't want to take these courses in an expensive academic setting. Taking these courses in the self-taught route can save both time and money. The course delivery is exceptional coming from an instructor with true industry experience. I am enjoying the gain in the knowledge I can't wait to practice what I'm learning in a real-world scenario!

By Gina Fernandez-Ross on 7/16/2022

It was a good match, because I have been researching how to get into real estate for a while.

By Adrian Garcia on 2/9/2022

Très bien, très complet, pro. J'ai apprécié notamment le fait d'avoir des scenarios (sensitivity analysis) qui permettent d'analyser un investissement dans sa globalité en fonction de changement de paramètres (taux d'intérêts, commission, TRI, Cash on Cash). Beaucoup de travail personnel mais le jeu en vaut la chandelle !

By Zachary T. Furr on 7/20/2021

This is a great course on Passive Real Estate Investing. Justin does an excellent job explaining all of the various details related to Passive Income and Passive Real Estate Investing. I would recommend this course to anyone interested in learning more about Passive Real Estate Investing and Passive Income. I give this course 5 Stars.

By Rodolfo Mariano Ruiz Najera on 5/2/2021

I was expecting European and American options as in the sense of when you aim for a call option if you want to buy a plot of land for example. And then how you can trade on the secondary market those put/call options, making substantial returns without RE hands-on work.

By Ratnesh Upadhyay on 7/18/2019

Really Nice course. You get these excel sheets too which could be used to run your own analysis. The modeling is perfect. Must for people who are starting in real estate investing and for real estate professionals.

By J. F on 12/13/2018

Incredibly useful and practical knowledge. Thanks for tackling relative topics and making complicated matters simple and digestible, Mr. Kivel.

By Gregory Struck on 12/12/2018

This cause was fantastic, it offered insight into many questions I posed for Justin earlier in the week. What I really enjoyed was the time Justin took to develop and share the Excel model so we can work alongside him as the lecture progresses. Overall very clear and concise information that has been broken down so that beginners and more advanced students alike will enjoy and benefit from Justin's teaching style and knowledge.

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Overall Score : 94 / 100