Focus on Cash Flow Early On:While appreciation is the long-term play, as a beginner, I'd recommend focusing on cash-flowing properties to provide you with a safety net and help you ride out any market fluctuations.

If you want to attempt to rep yourself, you have to play the game too.

So it isn't a complete waste, you would simply need to follow the strict reading of the law with no private clauses for consideration...I'm not sure how that plays out since technically if the lease is void, so is the tenancy meaning you could terminate anytime and not wait for the original lease expiration...I'm sure that's covered somewhere, but again I'd ask my local atty what to do given this is such a locally specific issue. 

But it’s too much fun to keep buying and letting my tenants pay these things off.  

You could go into NJ (although the cost to play is high in Northern, but the rents can be very nice), or you could bypass and head into PA near Delaware Water Gap and get low taxes and good renter options.

Assuming the property owner isn't playing games, why would an independent appraiser inflate the value? 

I personally dont know where title insurance comes into play with these either if your not recording a debt instrument and then getting a lenders Alta

The price to get in is obviously TOUGH, but if you have a pile of cash to play with, it's hard to argue with or beat the long term results of the cities with the best job markets and lifestyle (for those who can afford it) in the world.

And, ultimately, she is raising the money, which means that enough people trust the prospects of her performance.You simply have to decide where you stand and play or pass.

We've had success in all 4 of these markets, so really depends what you're trying to accomplish and how much money you have to play with.