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Learn from Scratch: Acquisition Underwriting 101 Bootcamp. Each module opens a real drill with a senior associate beside you: a step-by-step path through every deliverable, the institutional concept behind each line, and a live check of your formula. Modules 1 and 2 are free.
Sources & Uses and Day-1 Return Metrics
Purchase price, closing costs, loan fees, LP/GP equity splits, going-in cap rate, return on cost, debt yield and Day-1 cash-on-cash.
Gross-to-Net Lease Recoveries: Base-Year Stop vs. NNN
Gross potential rent, expense recoveries, base-year stop leakage versus NNN pass-throughs, and the NOI they produce.
Institutional Tri-Constrained Debt Sizing
LTV, debt yield and DSCR each produce a maximum loan; the lender funds the smallest: =MIN(Max_LTV, Max_DSCR, Max_DY).
5-Year Pro Forma, Rollover TI/LC & Forward Exit Valuation
Rent escalations, rollover vacancy, blended TI/LC, Forward Year-6 NOI with the free-rent add-back and below-the-line buyer credits.
5-Year Levered REPE LBO & 2D Sensitivity Matrix
Unlevered vs. levered cash flow, debt payoff at exit, =IRR(), equity multiple and the 5x5 data table (Alt+A+W+T).
Multi-Tier JV Promote Waterfall & GP Catch-Up
LP preferred return, 100% GP catch-up and the 80/20 residual split, tied out to total profit.
Next rank: Senior Analyst · 100 ELO needed for promotion
Everyone starts at 1,000 ELO as an Analyst. Rating moves both ways: passing drills pays ELO (clean, fast solves pay a bonus), while failed stress tests, paid hints and abandoned attempts cost it.
LTV, debt yield, DSCR, floating-rate hedging
Recoveries, expense stops, rollover
Preferred returns, promotes, splits
Multi-year pro formas, levered IRR, exit analysis
Live formulas, no hardcodes, clean links
No rating changes yet. Solve a drill to move your ELO. Failed stress tests, paid hints and abandoned attempts will show up here too.
46 drills shown · pick one and launch it in the modeling arena
| Status | Drill | Asset Class | Track | Difficulty | Best Time | ELO Reward | Action |
|---|---|---|---|---|---|---|---|
| ⚡ | #01Tri-Constrained MOB Acquisition Loan SizingFREE⚡ Standard BuildIN ARENA 🏷️ Debt Sizing & Credit | Office • Medical Outpatient | Debt & Sizing | Easy | --:-- Target 10 min | +20 | |
| ⚡ | #02Base-Year Expense Stop vs. NNN Lease RecoveryFREE⚡ Standard Build 🏷️ Leasing, Rollover & Conversions | Office • CBD Class-A Office | Leases & Cash Flow | Easy | --:-- Target 8 min | +20 | |
| ⚡ | #03Floating-Rate Bridge Loan & SOFR Interest Rate Cap PayoffFREE⚡ Standard Build 🏷️ Debt Sizing & Credit | Multifamily | Debt & Sizing | Medium | --:-- Target 9 min | +30 | |
| ⚡ | #042-Tier JV Equity Waterfall: 8% Pref + GP Promote SplitFREE⚡ Standard Build 🏷️ JV Waterfalls & Recaps | Industrial | JV Waterfalls | Medium | --:-- Target 10 min | +30 | |
| ⚡ | #055-Year Hold Pro Forma, Exit Reversion & Unlevered IRRFREE🧩 Half-Built Completion 🏷️ Acquisitions & LBO | Office • Medical Outpatient | Leases & Cash Flow | Medium | --:-- Target 15 min | +30 | |
| ⚡ | #065-Year Levered PE Pro Forma, Debt Payoff & Levered IRRFREE⚡ Standard Build 🏷️ Acquisitions & LBO | Multifamily | Acquisitions Case | Medium | --:-- Target 25 min | +30 | |
| ⚡ | #07MOB Rollover, Blended TI/LC Reserve & Forward-NOI Exit CreditsFREE⚡ Standard Build 🏷️ Leasing, Rollover & Conversions | Office • Medical Outpatient | Leases & Cash Flow | Medium | --:-- Target 25 min | +30 | |
| ⚡ | #083-Tier JV Waterfall: 8% Pref, 100% GP Catch-Up & 80/20 PromoteFREE⚡ Standard Build 🏷️ JV Waterfalls & Recaps | Industrial | JV Waterfalls | Medium | --:-- Target 20 min | +30 | |
| ⚡ | #095-Year Value-Add MOB Case: Lease-Up CapEx, Amortizing Debt & Levered IRRFREE🏦 Reserve Mechanics 🏷️ Leasing, Rollover & Conversions | Office • Medical Outpatient | Acquisitions Case | Medium | --:-- Target 30 min | +30 | |
| ⚡ | #10Ground-Up Multifamily Development: Yield-on-Cost & Permanent Takeout RefiFREE⚡ Standard Build 🏷️ Development & S-Curve | Multifamily | Acquisitions Case | Medium | --:-- Target 20 min | +30 | |
| ⚡ | #11IC Memo Audit: Spot & Fix 4 Analyst Underwriting BugsFREE🔍 Model Audit / Bug Hunt 🏷️ Distressed, Workouts & Audits | Specialty • Ambulatory Surgery Center | Acquisitions Case | Hard | --:-- Target 25 min | +48 | |
| ⚡ | #12Lender Covenant Breach Rescue: DSCR Cure & Future-Funding TI SplitFREE⚠️ Covenant Rescue 🏷️ Distressed, Workouts & Audits | Multifamily | Debt & Sizing | Medium | --:-- Target 30 min | +30 | |
| ⚡ | #13Retail Anchor Lease: Natural Breakpoint, Percentage Rent & Capped CAMFREE⚡ Standard Build 🏷️ Leasing, Rollover & Conversions | Retail • Luxury Lifestyle Retail | Leases & Cash Flow | Medium | --:-- Target 10 min | +30 | |
| ⚡ | #14Hospitality Underwriting: RevPAR, Franchise Waterfall, FF&E Reserve & Debt YieldFREE🏦 Reserve Mechanics 🏷️ Leasing, Rollover & Conversions | Hotels • Select-Service Coastal | Acquisitions Case | Medium | --:-- Target 20 min | +30 | |
| 🔒 | #15Reverse Valuation Bid: Target IRR Max Price via NPV Discounting🔒 PRO🎯 Reverse Valuation / Bid Sizing 🏷️ Acquisitions & LBO | Hotels • Full-Service Resort (KSL Style) | Acquisitions Case | Medium | --:-- Target 25 min | +30 | |
| 🔒 | #16Vintage Lease Step-Ups, NY Mortgage Tax & S&U Interest Reserve🔒 PRO🏦 S&U Interest Reserve & Vintage Roll 🏷️ Leasing, Rollover & Conversions | Office • CBD Multi-Tenant (Dune Style) | Acquisitions Case | Medium | --:-- Target 25 min | +30 | |
| 🔒 | #17Below-Market Lease Mark-to-Market & 80% LTC Current + PIK Mezz Debt🔒 PRO⚖️ PIK Mezz Debt & Mark-to-Market 🏷️ Leasing, Rollover & Conversions | Industrial • Infill Logistics (MSREI Style) | Debt & Sizing | Medium | --:-- Target 25 min | +30 | |
| 🔒 | #18Sale-Leaseback Break-Up Arbitrage & 125% Loan Release Pricing🔒 PRO✂️ Portfolio Tranche Release Pricing 🏷️ Acquisitions & LBO | Retail • Bank Branch Sale-Leaseback (Cerberus Style) | Debt & Sizing | Medium | --:-- Target 25 min | +30 | |
| 🔒 | #19500-Key Hotel LBO: Revenue Gross-Up, IO-to-Amort Debt & EBITDA Multiple Exit🔒 PRO🏨 Hotel LBO & IO-to-Amort Switch 🏷️ Acquisitions & LBO | Hotels • 500-Key Hotel LBO (Starwood Style) | Acquisitions Case | Medium | --:-- Target 30 min | +30 | |
| ⚡ | #2060-Month Cash Flow: Acquisition Sizing, Month 36 Refi & Month 60 Exit (XIRR / XNPV)FREE🏦 Reserve Mechanics 🏷️ Acquisitions & LBO | Multifamily • 60-Month Horizontal Model | Debt & Sizing | Hard | --:-- Target 50 min | +48 | |
| ⚡ | #21Advanced IC Model Audit: Find & Repair 5 Institutional Waterfall & Exit BugsFREE🔍 Model Audit / Bug Hunt 🏷️ Distressed, Workouts & Audits | Industrial • 5-Bug IC Audit | JV Waterfalls | Hard | --:-- Target 25 min | +48 | |
| ⚡ | #22Tenant Downsize Cash Trap, Sweep Curtailment & Mandatory Loan PaydownFREE⚠️ Covenant Rescue 🏷️ Debt Sizing & Credit | Office • Cash Sweep & Remargining | Debt & Sizing | Easy | --:-- Target 15 min | +20 | |
| 🔒 | #2360-Month Sound Stage Campus & 2-Tier Monthly L&G Revenue Share (XIRR / XNPV)🔒 PRO⚡ Standard Build 🏷️ Leasing, Rollover & Conversions | Specialty • Sound Stage & Studio Lot | Leases & Cash Flow | Hard | --:-- Target 50 min | +48 | |
| ⚡ | #2460-Month Sale vs. Hold Decision Analysis: Sell Today vs. 5-Year Re-Tenanting CapEx Hold (XIRR / XNPV)FREE🎯 Reverse Valuation / Bid Sizing 🏷️ Acquisitions & LBO | Office • Sale vs. Hold Decision Matrix | Acquisitions Case | Hard | --:-- Target 50 min | +48 | |
| ⚡ | #25CMBS Conduit Sizing: Underwritten NCF Haircuts, Rent Mark-Down & ReservesFREE🏦 Reserve Mechanics 🏷️ Debt Sizing & Credit | Retail • CMBS Conduit Sizing | Debt & Sizing | Medium | --:-- Target 25 min | +30 | |
| 🔒 | #2660-Month Portfolio NAV Recapitalization at a 16% Discount (XIRR / XNPV)🔒 PRO🎯 Reverse Valuation / Bid Sizing 🏷️ JV Waterfalls & Recaps | Industrial • Secondary NAV Recapitalization | Acquisitions Case | Hard | --:-- Target 45 min | +48 | |
| 🔒 | #2760-Month 3+1+1 Bridge Loan: Origination Fee, Month 37 & 49 Extension Fees, Prepayment Penalty (XIRR / XNPV)🔒 PRO⚖️ PIK Mezz Debt & Mark-to-Market 🏷️ Debt Sizing & Credit | Multifamily • 3+1+1 Bridge & Prepay Penalty | Debt & Sizing | Hard | --:-- Target 50 min | +48 | |
| ⚡ | #28Multi-Loan Portfolio Fixed vs. Floating SOFR Shock & Cash Trap AnalysisFREE⚠️ Covenant Rescue 🏷️ Debt Sizing & Credit | Office • Portfolio Rate Shock & Cash Traps | Debt & Sizing | Medium | --:-- Target 30 min | +30 | |
| 🔒 | #29Underwater Loan Workout: A/B Note Split, PIK Accrual & Rescue Waterfall🔒 PRO⚖️ PIK Mezz Debt & Mark-to-Market 🏷️ Distressed, Workouts & Audits | Office • Distressed A/B Note Workout | JV Waterfalls | Medium | --:-- Target 35 min | +30 | |
| 🔒 | #3060-Month Distressed Office Multi-Tenant Rollover, TI/LC Lease-Up & A/B Note PIK Workout🔒 PRO⚖️ PIK Mezz Debt & Mark-to-Market 🏷️ Distressed, Workouts & Audits | Office • 60-Mo Multi-Tenant A/B Note Workout | JV Waterfalls | Hard | --:-- Target 1h 00m | +48 | |
| ⚡ | #31Initial Sources & Uses, Closing Costs, GP / LP Equity Split & Day-1 MetricsFREE⚡ Standard Build 🏷️ Acquisitions & LBO | Office • CBD Class-A | Acquisitions Case | Easy | --:-- Target 20 min | +20 | |
| ⚡ | #32Annual-Pay Loan Amortization, PMT / IPMT / PPMT, Cumulative Interest & Balloon PayoffFREE⚡ Standard Build 🏷️ Debt Sizing & Credit | Multifamily • Suburban Garden | Debt & Sizing | Easy | --:-- Target 20 min | +20 | |
| ⚡ | #33Dual-Stage Sources & Uses, "Good News" Future Funding & Stabilized YieldsFREE⚡ Standard Build 🏷️ Acquisitions & LBO | Industrial • Value-Add Logistics | Acquisitions Case | Medium | --:-- Target 30 min | +30 | |
| ⚡ | #3418-Month Construction Draws: Straight-Line vs Gaussian Bell Curve & Equity-First InterestFREE⚡ Standard Build 🏷️ Development & S-Curve | Multifamily • Ground-Up Wrap | Debt & Sizing | Medium | --:-- Target 35 min | +30 | |
| ⚡ | #3560-Month Full Sources & Uses (Initial vs. Fully Funded) + Institutional Return Metrics SuiteFREE⚡ Standard Build 🏷️ Acquisitions & LBO | Industrial • Port Logistics | Acquisitions Case | Hard | --:-- Target 55 min | +48 | |
| 🔒 | #3660-Month Office-to-Medical Outpatient Building (MOB) Conversion🔒 PRO⚡ Standard Build 🏷️ Leasing, Rollover & Conversions | Office • Medical Outpatient | Acquisitions Case | Hard | --:-- Target 1h 00m | +48 | |
| ⚡ | #3760-Month Ground-Up Development: Equity-First Draws & Compounding Capitalized Interest ReserveFREE⚡ Standard Build 🏷️ Development & S-Curve | Multifamily • High-Rise Dev | Acquisitions Case | Hard | --:-- Target 1h 00m | +48 | |
| 🔒 | #3860-Month Leasehold Hotel with Unsubordinated Ground Lease CPI / FMV Reset🔒 PRO⚡ Standard Build 🏷️ Ground Leases & Fee Simple | Hotels • Urban Leasehold | Acquisitions Case | Hard | --:-- Target 55 min | +48 | |
| 🔒 | #3960-Month Ground Lease to Fee Simple Equivalent Valuation & Cap Rate Spread🔒 PRO⚡ Standard Build 🏷️ Ground Leases & Fee Simple | Office • CBD Class-A | Acquisitions Case | Hard | --:-- Target 1h 00m | +48 | |
| 🔒 | #4060-Month Multi-Sleeve Recapitalization: Subsequent-Close Equalization & Dilution🔒 PRO⚡ Standard Build 🏷️ JV Waterfalls & Recaps | Specialty • Sound Stage & Studio Lot | JV Waterfalls | Hard | --:-- Target 1h 00m | +48 | |
| ⚡ | #41Pre-Filled 60-Month Venture Cash Flow into a 3-Tier Monthly GP / LP XIRR WaterfallFREE⚡ Standard Build 🏷️ JV Waterfalls & Recaps | Industrial • JV Waterfall | JV Waterfalls | Hard | --:-- Target 1h 00m | +48 | |
| ⚡ | #4260-Month California Prop 13 Reassessment Tax Leakage & Anchor Go-Dark Co-Tenancy CureFREE⚡ Standard Build 🏷️ Leasing, Rollover & Conversions | Retail • Grocery-Anchored | Leases & Cash Flow | Hard | --:-- Target 1h 00m | +48 | |
| 🔒 | #43Wilshire Medical Campus — 4-Tranche Capital Stack, Mezz PIK, Preferred Equity & WACC🔒 PRO⚡ Standard Build 🏷️ Debt Sizing & Credit | Office • Medical Outpatient (MOB) | Debt & Sizing | Hard | --:-- Target 1h 00m | +48 | |
| 🔒 | #44Pacific Coast Office Trust (NYSE: PCOT) — Public REIT NAV, Debt Mark-to-Market & Implied Cap Rate🔒 PRO⚡ Standard Build 🏷️ Acquisitions & LBO | Office • CBD Office | Acquisitions Case | Hard | --:-- Target 1h 00m | +48 | |
| 🔒 | #45Marina Vista Towers — Ground-Up S-Curve Development, Equity-First Construction Loan, Rate Cap & 3-Tier JV Waterfall🔒 PRO⚡ Standard Build 🏷️ Development & S-Curve | Multifamily • Ground-Up Luxury Multifamily | Debt & Sizing | Hard | --:-- Target 1h 00m | +48 | |
| 🔒 | #46Harbor Gateway Logistics Center — Distressed B-Note Loan-to-Own Workout, Intercreditor Cure, Deed-in-Lieu & Recovery Model🔒 PRO⚡ Standard Build 🏷️ Distressed, Workouts & Audits | Industrial • Infill Logistics & Cold Storage | Acquisitions Case | Hard | --:-- Target 1h 00m | +48 |