That was well filmed and they did a good job of setting a scary mood. But of course, it's not real. Viewing it as special effects, they're pretty good, if low budget. They have one CGI effect, the spooky smoke. They add in shaky, out of focus camerawork to make it seem authentic (unviewable).
I saw a couple of special effects slipups, both related to the camera that is disturbed by the 'demon'. The first night, the camera is knocked to the floor, but as it hits the floor, it stops cold. It doesn't bounce at all. Which makes sense when you realize that the cameraman was still holding on to the camera. He didn't want to break it!
The second night the camera is filming itself in a mirror (supposedly). When the camera pans left and then back to the right, the mirror image camera doesn't move. Because, of course, it's not a mirror but an opening with a second camera behind it.
I bet their film school professor gave them an A-
Fred