After watching numerous videos, I'm still confused about whether EITHER type of project is going to work for my situation, a Shared Project or a Team Project. I will be working with 1 other person to create ~75 minute videos for church using Premiere. There are multiple HD source videos.
We both have individual licenses and are working from home. There is no "shared storage" (like a corporation would have) unless we can use Google Drive or Dropbox for that.
1. Do we need a different type of Adobe license in order to work together on this?
If you have media drives that are identical and you are not working on the same project at the same time, a regular premiere project will be fine. Just email the project back and forth. If you're working in the same project but on different sequences, you can just copy your sequence into a new project and email that project to your partner and he can import that sequence in to his project. This may not be as elegant as shared projects or team projects neither of which I have used, but it will work. Just requires some rigorous supervision...
And although I know there are some cloud based shared storage options out there, I personally wouldn't trust them. bwdik.
In both cases you and your collaborator need to have the media local, how you achieve this is largely up to you (identical hard drive or any sharing service Google drive, dropbox, one drive, etc...). As long as each of you have an Individual license Team Projects will work.
You can always start with either Project type, if you want to test the other approach you can convert a local Project to a Team Project and vice-versa via the menu item (Edit > Team Project > Convert...) - Udo