Sell it — unless you WANT to be an out of state landlord.
ONLY If you do, get a great management company and pay it to manage the property; but keep a close eye on all expenses and accounting. Check out Bigger Pockets blog for info re whether it is a good investment. Also, contact a competent local real estate lawyer to draw up an agreement between the owners re how the property should be managed, who pays expenses when there is no rent, when it should be sold, etc.