Joint ventures are like partnerships on a specific venture or investment or transaction. Yes, it is a way to invest without your own money, providing you have something of equal value to offer the JV.
Normally, there is one operational partner (who is somewhat of an expert in real estate investment in that area), JV'ing with a money partner. Either party (or both) may qualify for the mortgage and be listed on mortgage and title (but be careful to fully disclose to the bank, as required).
REIN offers a home study package on JV's. You may want to have a look.