There is no reason for limiting the number of terms for the representatives. It should be left to the people who elect them.
Yes, exactly. Not to be trite but there are term limits, they're called elections. The idea that voters can't be trusted to throw a poor performing or out right corrupt politician out of office on their own and need to rely on term limits betrays a pretty dim view of the electorate.
But even setting that aside there is no evidence that terms limits definitively solve the problems of entrenched power, corruption or poor job performance. Freshman lawmakers have learning curve to overcome limiting their ability to accomplish anything. For the ones who now spend all their time worrying about reelection with term limits they will simply spend their time lining themselves up for a job elsewhere in government or the private sector (ie lobbying) when they are inevitably out of office. A bad apple is a bad apple. Maybe you can force them out after one term with term limits (again this assumes the electorate is incapable of doing this on its own) but you also force out the good apples with them.
Some studies have shown that term limits ramp up the efforts of lobbyists. Rather than approaching a congressman with the idea that helping him now (most of the time with money, but potential just political capital) that said congressman will return the favor down the road lobbyists need to have immediate effect since that person won't be in office in a few years to pay them back. Add to the fact that you have an entire class of legislators out of office after each election, many of whom want to remain 'in the game' so they are engaged with the system and can be more influential when/if they are later re-elected and returned to office. Our system already sees most former congressman go into lobby at least as part time consultants if not as full time hired guns. With term limits it would just be a revolving door that would lead to more collusion between lobbyists and lawmakers.
Ultimately I don't think things would be any better with term limits. Perhaps they wouldn't be worse, there's no guarantee of that, but I really don't think they would be better. Electoral reform, especially campaign finance laws, would be a much much more effective tool to address the issues term limits are often drafted to address. And perhaps restrictions on the way one could use the powers of office in campaigning, to limit the built in advantages of incumbency. I realize there's a very anti-establishment populist mentality en vogue right now but experience is not a bad thing. Nor frankly is professionalism. When you're asked to help run the largest economy, bureaucracy and military in the world it would, perhaps, help to know what you're doing.