Hard to sell, hard to rent

[Jerry Robins]

My name is Jerry and this is my first post.

Near the height of the RE boom in 2007, I bought my mother-in-law a house (so she wouldn't have to live with me) where she lived until Nov last year when she passed. From then through June, we tried to sell, but our mortgage is under water and we received no offers. Since then, we've not had any luck finding a decent renter, either. Here are some other relevant facts:

1) The house is cheap, but we're losing about $500 month (just PITI & utilities).
2) It's located 175 miles from my home, so isn't readily accessible.
3) I do not have any reliable contacts in the area.
4) Rent MAY be able to cover the PITI, but no maintenance or management.
5) I'm a new REI with a new LLC and am working on my first real purchase deal for renting (much closer to home).

Any suggestions for how to turn this around to be profitable or stop the bleeding?

Thanks!