Joint venture is all about gather more money then invest and share all your profits. It is obvious, when it comes to profit no body will raise a question, but in the time of loss you have to answer a load to your partners. So I think for this you should do a LLC.
You have pointed out some pretty holes in the system. But still a little risk has to be taken if you want to succeed in the investment. Try to invest that much, what you can afford if a little loss will happen.