RE Modeling

For RE modelling, it's really important to look at actual financial models created for the sector you are investing in. Depending on the firm you ultimately join - you will often customize a template model rather than creating one from scratch. And so while there are a lot of potential ways to build a financial model, the surest route is to adopt a modelling approach that has already been proven and is in use by institutional RE investors.

There are a few resources for this if you google around (you can check out the Adventures In Commercial Real Estate) model as a reference point. You want to look for a financial model that includes a full rent roll cashflow. Try and find something that is explicitly targeted at / marketed to institutional real estate investors and you can verify has been created by someone currently in the industry.

Of course,  in an interview you will be asked to create the model from scratch. I would suggest that you take one of these template models (for the sector you are investing in / interviewing for !!!) - first spend some time understanding it; how the assumptions and key drivers work.

Then recreate the model from scratch for a new property.

If you are willing to sign electronic NDAs, you can get actual IM/properties to model from Ten-X commercial very easily. These are great as they include full diligence packs and SOTs exactly like what you would get from a broker/seller working an an investment firm. Otherwise, you can just "invent" a property - but try to use actual incentive rates, leasing commissions from published broker research (JLL, CBRE etc.).

Of course for the first several attempts you will need to refer to the original model - but if you repeat the process of creating it from scratch 5-10 times - a lot of it will become second nature. You are basically doing what an RE analyst will do, but accelerating your learning curve through very focused practice undistracted by the other tasks you have as an RE analyst.

The only final tip I would have is that it is important to understand is whether the sector you are investing in generally uses Argus to model the rent cashflows. If so, in addition to the excel model you will also need a basic understanding of how Argus works. It also means you will want to spend more of your time understanding the mechanics of the leverage, free cash-flow and promote modelling vs the property cashflow P&L which Argus will handle for yo. 

If you can share more information on the sector / market where you are interviewing I can give some more specific tips.