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Spencer Burton introduces Ron Rohde, the legal contributor, who will guide viewers through creating a waterfall template partnership agreement. This document is crucial for outlining the rights and responsibilities of a general partner and limited partner in a real estate investment. It also addresses the return of capital based on meeting specific thresholds. Legal and modeling options can be tailored to a specific project, and understanding this document is essential. Matthew Green, a real estate analyst and acquisitions expert, joins to provide insights.