I'd love folks opinion on the following: 1) Which areas are likely to represent the "best investment" in the next 5 years?

In 1970, $1 million represented a gigantic amount of debt!

The ore adjustments an appraiser makes, the more likely error will creep in.Maybe the lending market is smaller in Calhoun County, so appraisers generally appraise on the high side to be sure home purchases will be approved for lending.Maybe your experiences are not representative of the market as a whole, but idiosyncratic.Maybe the market is experiencing a slight down-turn, so that recent sales of comparable properties are too high.Have you asked a local appraiser about this phenomenon?

All of whom are industry professionals that I would trust to represent me. 

Which makes sense if you have three large apartment complexes, because they each represent a large sum of equity and risk exposure.Be sure you run a responsible business, maintain your properties well and make sure they are code compliant, get good insurance and an umbrella policy on top.

This property was found on the local MLS, and as a realtor I was able to represent our partnership on this deal.  

They are listed as our representative on the current lease, so would that become void?

She is extremely experienced in dealing in representing landlords with tennat issues.Finances, real estate, investing all extremely valuable information to acquire but if you want to survive  our nanny state pro tennat environment learn the system.

In my understanding, higher capitalisation rates represent potentially higher returns but more risk on the cash invested. 

Do you have a lender letter and will you represent to the seller that you have funds readily verifiable for a down payment?