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Spencer Burton introduces Ron Rohde as the Acre legal contributor to walk through a real estate legal document, specifically a waterfall template partnership agreement. This document outlines the rights and responsibilities of both parties, usually a general partner and a limited partner, in terms of their investment. The agreement also details the return of capital when certain thresholds are met, with various legal and modeling options available for a sophisticated project. Matthew Green, a seasoned real estate analyst and acquisitions expert, joins to explain how the legal document works.