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In this tutorial, Spencer Burton introduces Ron Rohde, the acre legal contributor, who provides a walkthrough of a waterfall template partnership agreement. This agreement is in response to viewer requests for a model that facilitates understanding between two parties, typically a general partner and a limited partner, regarding their investment terms. The document outlines the rights and responsibilities of both parties and specifies how capital returns are handled upon reaching certain thresholds. Ron emphasizes the variety of legal and modeling options available for sophisticated projects and introduces Matthew Green, a seasoned real estate analyst, to assist in the discussion.