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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 discusses creating a waterfall template partnership agreement for viewers with a model partnership between a general partner and a limited partner. This document outlines rights, responsibilities, and return of capital thresholds, offering a variety of legal and modeling options. Matthew Green, a real estate analyst and acquisitions expert, joins to provide insight on understanding how the legal document works.