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In this tutorial, Spencer Burton introduces Ron Rohde, a legal contributor specializing in real estate. Ron explains the creation of a waterfall template partnership agreement, responding to viewer requests. The agreement is designed for partnerships involving a general partner and a limited partner, outlining the terms of their investment and detailing the rights and responsibilities of both parties. It also specifies how capital returns are distributed when certain thresholds are met. Additionally, Ron emphasizes the importance of understanding the legal document's workings and is joined by Matthew Green, a seasoned real estate analyst and acquisitions expert.