Private Money vs Partnership

[James Hurt]

I have not bought any properties yet, but came close on two this month. I'm wanting to BRRRR. With the extremely competitive market, I was thinking I might go another direction; use my HELOC in conjunction with someone else who has a deal.
I’m unsure about the lines between partnerships vs private money. Are private money investors only getting a percentage return on their money? Do they not get any profits from the deal?   If they did, I guess they would then be partners.