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In this video, Spencer Burton introduces Ron Rohde, the acre legal contributor, who will guide viewers through a waterfall template partnership agreement. This document is designed for partnerships typically between a general partner and a limited partner, outlining the terms of their investment, including the rights and responsibilities of both parties. Ron emphasizes the importance of understanding how the legal document functions and mentions that it can incorporate various legal and modeling options for complex projects. He is joined by Matthew Green, a real estate analyst and acquisitions expert, to enhance the discussion.