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In this video, Spencer Burton introduces Ron Rohde, a legal contributor who will guide viewers through creating a waterfall template partnership agreement. This document is designed for partnerships, typically between a general partner and a limited partner, outlining the terms of their investment. Ron emphasizes the importance of detailing the rights and responsibilities of both parties and how capital returns are structured when specific thresholds are met. He also mentions the variety of legal and modeling options available for sophisticated projects. The session includes insights from Matthew Green, a professional in real estate analysis and acquisitions.