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Spencer Burton introduces Ron Rohde as the legal contributor for Acre and shares that they will be discussing a waterfall template partnership agreement. This document outlines the rights and responsibilities of both general and limited partners in a partnership, detailing the return of capital when specific thresholds are achieved. The agreement allows for a range of legal and modeling options to be included in a sophisticated project. Matthew Green, a real estate analyst and acquisitions expert, joins them to explain how the legal document functions.