My LLC and my business partner's LLC are purchasing a rental property together as joint owners.

You have joint and severable liability which is why you see 100% of the liability.

Joint venture with another wholesaler - split the profits (see this all the time).

This would mean that the LLC does not have to file a tax return and all of the activity of the property be reported on their joint personal tax return schedule E.  

New to wholesaling and I have a hard time finding buyers  Network with your local real estate investment groups, do joint ventures with other wholesalers (you bring the deal they bring the buyer), network with realtors, stop and talk to contractors rehabbing a house and ask who is the buyer, talk with title companies and lenders and see if they are willing to connect you with buyers, etc.

Conventional lenders, such as banks and credit unions, offer loans backed by Fannie Mae or Freddie Mac, while other investors obtain rental property financing through private lenders or by forming a joint venture.2.

Should the rental income be stored in an escrow account or a joint checking account?

You try to educate people on the facts of the situation, people don't listen to you because you benefit from the market doing well, people write off what you're saying because you're biased even though you are genuinely telling the truth based on the available information.

A lot of places on the outskirts of the urban core-especially new construction will work great with VA loans.I'm in one of the most competitive markets in the country (Nashville TN) and I've told buyers the past 2 years that I genuinely can't make FHA and VA loans work in the urban core (outside of new construction).

If it’s a genuine confusion then you don’t have to charge a late fee.