As you could read several times in this forum, the slave can not be on different servers except if you are able to share the same disk.
The concept of JMS is to share the files and folders.
Concerning the content, each website has its own content.
If you want to share some articles between website, you probably need "Article Sharing for JMS" that allow to read the articles from the other wesbites defined under JMS.
With JMS can not share everything and have a single administration.
You can only share a limited number of extension that therefore have a unique admin of them.
JMS just add a tool to allow the installation of extension in slave site from the master websites.
Perhaps you could have a look in the "overview" video that we have in the tutorial.
www.jms2win.com/tutorial#jms12x-0a