"Inheriting" my parent's house and how to protect it

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Hello,

This is my first post on here.  I have a couple rentals and bought my first one about 17 years ago.  My question is, my parents are getting along in years and in poor health.  We've moved them into one of our rentals closer to the city.  They have a home about an hour away from me that they said they'd essentially give me.  About 40k in equity.  Their mortgage payment is $605 a month and it will rent for about $1100 a month.  What is the best way of taking this property over?  My parents have very little savings.  Both were county empoyees and have decent helath insurance, but really nothing else.  What should I do?  Thanks in advance.

Ian