Should I Take Over
i have been offered too take over payments on a 6 year old house in vegas payments are 1250 rents are the same they purchased 1 year ago no equity they want 2500 to 5000down and they will finanance the loan for 3 to 5 years they are not in default just own to many houses the last tennant bounced rent checks and skipped they want out sounds good but what if i cant rent it? 
If you are not in the area and do not have contacts there forget it.
SKI
I agree about the geography, but only if there is truly no equity. If the deal is good enough I will fly anywhere. It doesnt sound like a good deal no matter where you live. If they were to sweeten the pot somehow, even if it means buying a couple of there properties then I would do it. If they have too many houses perhaps you should offer to buy a block of them, at a discount, not just there worst deal.
Good Luck,
Kyle