If your financial situation is less urgent, you may want to talk to a local realtor about what you can rent the other property for. However, if you have to contribute $500/month to cover the mortgage that may not be financially sound. It's not always easy finding good tenants, maintaining a rental in the condition necessary to rent it, dealing with tenant issues, etc. Talk with a mortgage lender about your financial situation and then make a determination that fits your situation. Good luck!
Do not hesitate to give me a call if you wish to discuss this in more detail. Things may not be as bad as your think!
Best wishes on getting through this.
You are in tough situation and should consider sitting down with an accountant or financial adviser to help organize your situation and outline a good option for you based on your income.