This is so unfair. But at least that explains why it can't be used in an official match.
To summarize, she has infinite lives until her target is killed. Whenever she finally kills her target, she possesses their body to be reborn as a new person. No one else except her target can see her.
The only limitations I can see is that if she is killed by a third party who can't see or perceive her existence, or she is convinced to change targets instead.