(just expressing what I would do, not what I think you should do - it's your business) My goal would be get out of the situation as quickly and painlessly as possible and I would not sweat the financial impact very much. 

This is committing financially and emotionally to an actual real life decision.

@Katie Haney  careful that price range and tenant range is for experts in the local market generally.. out of state folks stand a very good chance of having some pretty rough financial times .. take your 50k and buy something for 150k you will thank your self over time. there is a reason a duplex would sell that low in todays market.. the market is pricing for risk.. when you live out of market your risk already goes up... there are plenty of better buys out there .. than a duplex at 50k..

Our current residence is paid off and we have no debt. 

There are a lot of financial planners out there who will tell you to pay off student loan debt before investing in RE.

Investment properties are typically lended on based on three factors: property value, borrower's FiCo, and debt service.

There will be government help that may offset your losses enough to help you keep afloat financially.

Start small and build a property portfolio and don't take on any debt.

That person with no rental history and nobody to vouch for them financially wouldn't pass my criteria.

Hi Corey, Please check out MB financial bank.