Of course, it's possible your PM company has amended or omitted such a clause to protect their own self interests. 

HelloI'm considering a possible JV with two other investors and want to find out what the best practice or option is for protection.

Tub was cracked due to not being supported. 2) No access panel required by code for the pump, the pump was in the rear of the tub buried under the tub deck. 3) No thermostatic anti-scaled mixing valve required by code for the roman tub filler 4) No dedicated circuit for the pump required by the manufacturer, the electrical for the tub was piggy backed on the vanity lights 5) no GFCI protection on the tub as required by code  6) no grounding of the tub motor as required by code 7) ABS drain glued to PVC drain pipe with ABS glue 8) the tub valve connections  uried with no access were IPS threaded stainless steel flexible water lines instead of hard sweated copper connections, (lost count on all the shark bites they used, they must buy them in bulk) 9) all the tile was tiled directly on the plywood of the tub deck, no underlayment to prevent the tile from being popped and the grout cracking from moisture getting to the plywood...the list goes on and on.. oh and the tub filler valve was located on the back side of the tub, not a code violation but certainly not user friendly for somebody to have to climb basically into the tub or over it to turn the water on, but that's minor in the scope of all the code violations and poor workmanship, that's just poor design. 

I'll keep an eye on the property to see the outcome, but I really have seen this trending lately in the area with the inexperienced investors bidding properties up way too high.

Most of those are investors who have LLC's for asset protection.

Could you buy the redemption rights from him to protect yourself?

Justin Fox I would keep an eye out for any inspection fees.

However, keep an eye on the property.

I certainly don't mean to shift the blame, but we all need to be pro-active in protecting our business.

Just be open to it and keep your eyes open ;-) Maybe I'll see you around town.