Man Bites Dog (1992)

Man Bites Dog (French: C'est arrivé près de chez vous, literally "It has Happened near your Home") is a 1992 Belgian black comedy crime mockumentary written, produced and directed by Rémy Belvaux, André Bonzel and Benoît Poelvoorde, who are also the film's co-editor, cinematographer and lead actor respectively.

The film follows a crew of filmmakers following a serial killer, recording his horrific crimes for a documentary they are producing. At first dispassionate observers, they find themselves caught up in the increasingly chaotic and nihilistic violence. The film received the André Cavens Award for Best Film by the Belgian Film Critics Association (UCC). Since its release, the picture has become a cult film, and received a rare NC-17 rating for its release in the U.S
https://en.wikipedia.org/wiki/Man_Bites_Dog_(film)

Brilliant. This is how you get a maximum out of shoe-string budget and film school production conditions. Raw (on all levels) doesn't even begin to describe it... And it's quite funny too! If you're in the right mood, that is...

A worthy direct predecessor of the Blairwitch Project found-footage horror fad and, by far, still the best of the lot.