Take over payments for owner

[Efrain Torrez]

So I've come across a home owner who stated she is just wanting to get out from under her property.  The property does need some work but I'm willing to move into it and rehab it while I live there.  Is it possible for me to simply take over payments?  The house is about to go to foreclosure so she is extremely interested in making a deal.  I won't qualify for a traditional loan and I basically don't have anything to put down other than $10k I have saved but I was thinking of using that to rehab.  She's asking $135k which I can negotiate down to what is actually owed.  Once rehabed the home would be worth upwards of $250k.

 My current home has about $50k of equity and my original plan was to finish rehabing it and then refinance it to begin investing but i ran across this oportunity and im thinking i should risk it and take on the new property if possible and rent my current home. What route would you take? What should I look out for?