One of the key areas to zone-in on is the transition from the Bb7/G# chord in the 4th measure into the IV chord. Notice how nicely the dominant 7 chord sets up the change to the IV. Another important element is the substitution of an Ebm7 over the second measure of the IV chord. Thus far in the course, we've discussed substituting a dominant 7 with a flat 9 for the second measure of the IV chord, so this is definitely a new idea.
Next is the chromatic walk-down into the minor II chord and the classic "Freddie King" 9th chord shape for the V chord. Lastly we have a great voice leading passage on the high E string that ends with a V chord. Once you get comfortable with this piece, see if you can transpose this one into other octaves and keys.