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Spencer Burton introduces Ron Rohde as the legal contributor who will walk through a real estate legal document. Ron discusses creating a waterfall template partnership agreement, which outlines the rights and responsibilities of general and limited partners in an investment. The document also covers the return of capital when investment thresholds are met. Legal and modeling options can be customized in the document, and it is important to understand how it works. Matthew Green, a real estate analyst and acquisitions expert, joins the discussion.