This is a very bare-bones simple film that was directed, filmed, edited, etc by the film's 2 actors. This simplicity is what makes the creepiness of it so effective in my opinion.
The plot is two students are assigned to do a video project based on a book. They find a mysterious book with creepy drawings in the library, which leads them to an abandoned building in the woods.
A huge plus here is that there are only 2 characters. So many found footage movies try to have 5-7 characters going out in the woods, making it impossible to even learn who is who (as filming themselves makes this more difficult than in a traditional film). Having only 2 characters kept things simple and allowed them to get right to the point.
The movie is short, at just 46 minutes. Many other found footage movies could benefit from this. There was no unnecessary filler, no ridiculous side-plot conflicts, etc.
The creepy atmosphere of the film is effective and keeps suspense high as you're not sure what will happen. You're also able to sustain the feeling of dread and suspense because, as I said, there's no extra filler or side plots (for example, if other found footage filmmakers had made this with their typical filler-side-plot-conflicts, there probably would have been an extra 20 minutes of one character finding out the other slept with his girlfriend and then a bunch of unnecessary arguing). Without that, you are able to remain tense throughout the film.
The negative reviews on here are the typical cliche "but you don't even see anything! Nothing happens!" whining that applies to pretty much all found footage movies. Really not sure why these people continually watch found footage and then complain about found footage.
There's no dumb CGI ghosts or monsters. There's no delving into the details of what happened or backstory of the antagonist; it's left as a mystery and up to your imagination, and THAT's what makes it a good creepy film.
Bravo to the two fellas that made this.