It’s all too easy to learn from success. This course explores how real estate stakeholders can learn from concepts and examples of failure. The course is divided into two modules, which can be taken together or individually. The first module examines common denominators of failures in commercial real estate activities involving investment, capital formation, development, acquisition, management, and governance. The second module presents cases of real estate restructurings and distressed debt that involve risk analysis, legal considerations, and negotiation from the considered perspectives of owners, investors, lenders, tenants, employees, employees, policymakers, and society.