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Spencer Burton introduces Ron Rohde as the ACRE legal contributor, who will walk through a real estate legal document. Ron Rohde presents a waterfall template partnership agreement, which outlines the rights and responsibilities of general and limited partners, as well as the return of capital thresholds. This document allows parties to come to an agreement on investment terms and offers a range of legal and modeling options. Matthew Green, a seasoned real estate analyst, joins to explain how the legal document works.