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In this tutorial, Spencer Burton introduces Ron Rohde, who will explain a waterfall template partnership agreement for real estate investments. This document is essential for defining the terms of investment between a general partner and a limited partner, detailing their rights and responsibilities as well as capital return thresholds. Ron emphasizes the importance of understanding the legal and modeling options available for complex projects. He is joined by Matthew Green, a seasoned real estate analyst and acquisitions expert, to provide insights into the functionality of this legal document.