They create the team and a plan, acquire, due diligence, take care of loan products (If needed), oversee construction/renovation, hire property manager (or run in house management,) take care of accounting/taxes/K1s, deal with closing or refinancing.An LP (limited partner) just puts in the funds (after hopefully vetting the GP and team) and keeps fingers crossed while earning mailbox money. 

In Oregon, I'm not able to do 1-4 units without being licensed but since you are acquiring a 6-plex, then this is something we may be able to support.

Most of them are not specialists in the way that youre thinking - they're retail employees with baseline knowledge of the products in that area.

I was helping some investors acquire properties and figured I could do better with a license.

Like a lot of new investors you are probably feeling pressure to acquire real estate which can unfortunately lead to bad investment decisions.

I just acquired a little 2 bedroom condo last month on owner financing with $7,250 down and the owner is carrying the note for me for 12 months. 

Our plan is to use the loan proceeds to acquire more properties How did you add value to the deal?

These are questions that you should have asked before getting into business with a partner and flipping a house.Whether the partner has an LLC or not is not important to you unless you are listed as a member of his LLC.How did you both acquire the property?

Simple, get the book: "Lend To Live".It's "the Bible" of the lending business and it's featured here on BPhttps://store.biggerpockets.com/products/lend-to-liveMike

I agree with this high level (Private Money = Individual, Hard Money = Company Non-Turnkey Product).I've been begging (mostly to no avail) for better clarity and definitions here for these to avoid confusion - BiggerPockets IMO has a HUGE opportunity to set and create the "gold standard" universal definitions of loan types with just a little initiative.