Best CRE books for strategy and common mistakes in updated/realistic market conditions
Experienced residential investor but taking a jump into commercial (note investing is side hobby not career). Looking for books and/or courses that can help go through the basis with real insight around strategies and common failures. I plan to read some material alongside buying a low value commercial property along the way so I can learn from my own mistakes in real time before putting a larger amount of equity in. 
Any and all advise is much appreciated!
[{"id": "hvwebof", "text": "Probably the best all around primer that isn't a full textbook in length is:\n\nThe Real Estate Game: The Intelligent Guide To Decisionmaking And Investment\n\nThere are lots of more targeted books once you focus on a particular strategy or asset class.\n\nIn terms of courses, check out A.CRE for a whole catalogue at reasonable prices considering the quality. You can access models for a donation there too.", "replies": [{"id": "hvwfth2", "text": "Thank you! Appreciate the tips", "replies": [{"id": "hvwfzlg", "text": "You bet! Good luck with your journey into CRE.", "replies": [], "depth": 3}], "depth": 2}, {"id": "hvyobur", "text": "Does A.CRE provide investment guidance? That's my largest complaint with Breaking Into CRE - there aren't any tutorials on how to interpret the model. As a source for learning the technical skill of modeling, it is fantastic. But what it is missing is some rules of thumb / guidance that could help one climb the learning curve a little faster. I also get that that practical knowledge is hard won through failures and experiences so forgive current professionals for not imparting that wisdom for pennies on the dollar", "replies": [{"id": "hvyqxtu", "text": "A.CRE does provide some general return expectation guidelines in their courses. A big element of their main course package (can't remember the name) is looking at real world CIMs for actual properties and taking that information, modeling it out, checking or modifying assumptions based on market data, and deciding whether it's a sound investment or at what price it works for various investor types. \n\nThe challenge in learning what you're asking is that every different class of investor/developer in CRE has a different cost of capital, syndication structure, time horizon and therefore return expectation. It's very difficult to summarize in a single course or text because the industry is so diverse and fragmented. Most professionals learn what they need by either:\n\nA) being born into it (family are already CRE investors)\n\nB) Joining a brokerage and moving up the ranks (analyst, junior broker, broker etc...)\n\nC) Coming from development, private equity or institutional investment (this includes debt and equity shops)\n\nD) Entering through a secondary field like construction, architecture, law, accounting, appraisal etc...\n\nThere's a growing number of masters programs from places like Cornell, NYU, MIT and a few others that can help skip some steps but CRE is an industry that values experience over education as a rule (one of the last of it's kind). This was largely because it's historically been quite insular and no universities offered any programs of sufficient quality to produce good candidates. \n\nWhat I would recommend, assuming you aren't willing to spend a few years at a major brokerage, is narrowing your focus to a specific asset class in a targeted region. From there, meet some of the bigger brokers, investors, developers, family offices, lenders and consultants that work that space. Most people in CRE are happy to make time for networking if approached respectfully. If you ask the right questions, dissect some of their previous deal structures and outcomes, and continually track sales and new listings, you'll develop a working understanding of how to value and structure deals that you can then apply to your own ventures. \n\nIf you have some equity to put to work, you can also invest as a limited partner in someone else's project. This gives you a ton of insight into how that project is managed from inception to exit. This will also help somewhat when you need financing for your own deals in the future as they'll scrutinize your experience investing in similar projects.", "replies": [], "depth": 3}], "depth": 2}, {"id": "hvyoexc", "text": "Can you name drop some textbooks as well? For the nerds willing to slog it through course materials", "replies": [{"id": "hvyrxfr", "text": "Check out the Urban Land Institute's textbook offerings. They're less peer reviewed and more practical but they do a great job of efficiently imparting relevant information and you can buy books based on your asset class and/or strategy.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hvyln6d", "text": "check out bigger pockets. so many worthwhile books and communities to post and ask questions. i do commercial real estate finance.", "replies": [], "depth": 1}, {"id": "hvyqjgv", "text": "What about Podcasts for this sector?", "replies": [{"id": "hvzbyw5", "text": "Yes this would be awesome too!", "replies": [], "depth": 2}], "depth": 1}, {"id": "hvyz9uw", "text": "check out Investing in Real Estate Private Equity by Sean Cook.  By far the most advanced and informative book about CRE.", "replies": [], "depth": 1}]