This course covers the debt and equity financing of real estate with particular emphasis on income-producing property. It identifies and explains the legal instruments involved in mortgage underwriting and lending; the role of government in the financing of commercial and residential real estate; sources of both private and public debt and equity capital, and the financing of real estate construction and development activity. The course analyzes income property cash flows, the valuation of property, the measurement of investment returns and the impact of debt leverage and income taxes.