LLC with partner question

[Eric Fete]

Hi everyone;

I am purchasing a sfh for a rental with a partner. I am working on a LLC for us to hold it in and had some quick questions:

1. how do we set up insurance with 2 of us owning?
2. do I set up an LLC with 2 partners or is there a way to set it up as a joint venture? Which is best
3. if we set up an LLC, how do we take the payments each month; ie set up a business checking account to hold funds/rent payments,etc.?

Thanks for any advice or suggestions,

Eric