LÖVE

Hello, I would like to know if there is any way you can do team development so you and a group of other developers or even major game studios can edit the game at the same time allowing for more productive developing?

What you are probably looking for is version control as LÖVE, among many other engines and frameworks, do not provide (or most probably don't need) such tooling built-in. Git is a popular tool to accomplish the task, and you can get free hosting on Github, Bitbucket, Gitlab or some other places.

While there is a surprising amount of version control systems, git and GitHub are undoubtedly the current de facto standard. Learning both will be an invaluable skill, allowing you to consume and interact with most of open source projects out there.