It's called a payoff statementif it's a big lender you will not buy the loan as it will take forever, you are better just paying it off. you then can foreclose based on the total balance owed to you which is both loans and any accrued interest. regarding fixing property or selling as is, that really depends and needs to be evaluated on a case by case basis 

You'll be on call 24/7.This is a controversial statement but the average property manager who has proven systems in place can most likely manage around 80-100 properties on their own, maybe more or less depending on how many hours they want to work.

The quality of available tenant varies drastically depending on the neighborhood.

@Jeff Ryan To be honest, it would depend on your goals.

Also, ask your agent for recommendations—they often have relationships with dependable contractors.Look for areas with a mix of affordability and growth potential.

Each option has different implications, so choose based on your financial goals.

Depends. 

Depending on the location and properties, consider having a game room.

Some investors are better at doing their research, financials, and taxes than others - it depends on the investor....

I would be a job for you, but could be lucrative depending on how you structure the agreement.