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In this tutorial, Spencer Burton introduces Ron Rohde, the Acre legal contributor, who will guide viewers through a waterfall template partnership agreement in real estate. This document is essential for outlining the rights and responsibilities of a general partner and a limited partner, particularly regarding their investment terms. Ron emphasizes the need to define the return of capital when specific thresholds are met. He mentions the diversity of legal and modeling options available for complex projects. Joining him is Matthew Green, a seasoned real estate analyst and acquisitions expert, to provide further insights into the agreement's intricacies.