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Spencer Burton introduces Ron Rohde, the acre legal contributor, who will provide a walkthrough of a real estate legal document: a waterfall template partnership agreement. This document addresses the partnership dynamics between a general partner and a limited partner, outlining their investment terms, rights, responsibilities, and capital return based on specific thresholds. Rohde emphasizes the variety of legal and modeling options available for sophisticated projects and the importance of understanding how the legal document functions. He is joined by Matthew Green, a seasoned real estate analyst and acquisitions expert, to enhance the discussion.