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Spencer Burton introduces Ron Rohde, a legal contributor specializing in real estate, who will walk viewers through creating a waterfall template partnership agreement. This document is essential for outlining the rights and responsibilities of a partnership, typically between a general partner and a limited partner. Rohde emphasizes its importance for agreeing on investment terms and detailing capital return at certain thresholds. He notes the variety of legal and modeling options available for sophisticated projects and highlights the need for a solid understanding of the legal document's function. Matthew Green, a seasoned real estate analyst and acquisitions expert, joins Rohde for this tutorial.