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Spencer Burton introduces Ron Rohde as the ACRE legal contributor, who will be walking through a real estate legal document. Ron explains that they will be creating a waterfall template partnership agreement, as viewers have requested. This document outlines the rights and responsibilities of both parties (general partner and limited partner) in a partnership, as well as the return of capital when certain thresholds are met. There are various legal and modeling options available to create a sophisticated project, and it is important to understand how the legal document functions. Matthew Green, a seasoned real estate analyst and acquisitions expert, is also present for the tutorial.