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In this video tutorial, Spencer Burton introduces Ron Rohde, a legal contributor, who will discuss a waterfall template partnership agreement in real estate. Rohde explains that this document is essential for establishing terms between two parties—typically a general partner and a limited partner—regarding their investment. The partnership agreement details the rights and responsibilities of both parties, including how capital returns are managed when specific thresholds are reached. Rohde emphasizes the variety of legal and modeling options available for sophisticated projects. He is joined by Matthew Green, an experienced real estate analyst and acquisitions expert, to further delve into the topic.