The joints you show are tapered. I wouldn't recommend trying that but a standard rabbeting bit will cut the edges for the overlap. One side of the board is rabbeted face up, the other face down. The bit has to be set EXACTLY half the thickness of the boards. If you want to add the 45 degree angle at the mating edges you can use a 45 degree plunge chamfering bit for that (i.e. a 45 degree bit with no bearing at the bottom).
Someone I consider a master woodworker once told me that a master woodworker is not someone who never makes mistakes. He is someone who is able to cover them up so that no one can tell.