This type of loan is generally considered riskier for lenders, often resulting in higher interest rates.In summary, the key difference lies in the borrower's liability and the lender's recourse options in the event of default.

I was told to attend networking events.

One of the most important skills you didn't mention is networking, which you are obviously doing well at too.I'd recommend connecting 1:1 (zoom, coffee. lunch, etc.) with a couple from the BP Chicago community or better yet check out some of the local meetups: https://www.biggerpockets.com/forums/521-real-estate-events-...Make friends with the meetup hosts...they will often know whos who and can help you make the right connections.Regarding your license, I think it's a great idea if you have the time and are going at it with the right intentions. 

2) Time spent by others: to qualify for the test "100 hours and nobody spent more time", how do we track the time spent by others and what proof would be required in the event of an audit?

I think I need at least one of these events per month moving forward just to get myself well situated with folks that work in the industry.

My favorite approach is attending networking events since they offer a great mix of agents and professionals. 

Welcome, great community here on BP but also in-person in Central Texas, definitely encourage you to get involved in the lots of groups and events in the region!

If you’re available to meet or can recommend any events or meet-ups, please reach out.

A great way to start is by attending RE events and joining a local investors association.

Once I get them in contract, then put together a presentation and start going to events to talk about the deal and ask other investors to invest in you.