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In this video tutorial, Spencer Burton introduces Ron Rohde, a legal contributor, who presents a walkthrough of a waterfall template partnership agreement. This document caters to viewers seeking a model for partnerships, typically between a general partner and a limited partner, detailing the terms of their investment. It outlines the rights and responsibilities of both parties and describes the return of capital upon reaching specific thresholds. Ron emphasizes the variety of legal and modeling options available for complex projects. Joining him is Matthew Green, an experienced real estate analyst and acquisitions expert, highlighting the importance of understanding the legal document's function.