Ranj makes excellent bullet points about your options as does Raven. Based on your comments, I'd suggest that you short sell the property because as you said you "want out." If you are not or have not previously been a landlord, then I'd strongly suggest that you sell rather than rent. Chicago is a very tenant friendly city with respect to its landlord and tenant rules. If you don't have already have a strong desire to become a landlord, then don't.
The last two short sales that I listed in the area received offers after 2 days and 17 days respectively. Chances are- your neighbor has either; hired a real estate agent (assuming that they're not trying to sell by themselves) whose marketing of the property has been ineffective, or the property is priced wrong, or both.
If you or your neighbor would like to discuss how to get your properties sold, then please feel free to contact me at any time.
Broker Associate, Keller Williams Realty Chicago Consulting Group
716 E. 47th St. Chicago, IL 60653
(773) 418-0640 (cell) (312) 577-0985 (fax)