My feeling is that you are confused by notation.
I read that when I have two identical particles with spin 1/2 there are 4 possibilities
These are not four possibilities, but these are four basis states. They form a complete orthonormal set of states for two spins. These basis states span the Hilbert space of all possible two-spin states.
The notation, for example $\left|\left.\uparrow\downarrow\right>\right.$, is a shorthand for
$$ \left|\left.\uparrow\downarrow\right>\right. \equiv \left|\left.\uparrow\right>\right._1\otimes\left|\left.\downarrow\right>\right._2,$$
meaning that particle 1 is in state $\left|\left.\uparrow \right>\right.$ and particle 2 is in state $\left|\left.\downarrow\right>\right.$ (note, there is a logical and).
what's the difference between these 2 states
$$ \left|\left.\uparrow\downarrow\right>\right., \left|\left.\downarrow\uparrow\right>\right.$$
Given the above, you can now tell the difference: in the first case, particle 1 is in state $\left|\left.\uparrow\right>\right.$ and particle 2 is in state $\left|\left.\downarrow\right>\right.$, while in the second case particle 1 is in state $\left|\left.\downarrow\right>\right.$ and particle 2 is in state $\left|\left.\uparrow\right>\right.$.
So far, we made no use of the indistinguishability of the two particles, we even labeled them as particle 1 and particle 2, so we treated them as distinguishable particles.
Then since there is the symmetrization requirement I can take as eigenvalues the following 4 states:
$$ \left|\left.\uparrow\uparrow\right>\right., \left|\left.\downarrow\downarrow\right>\right.,\frac{1}{\sqrt{2}}\left(\left|\left.\uparrow\downarrow\right>\right.+\left|\left.\downarrow\uparrow\right>\right.\right), \frac{1}{\sqrt{2}}\left(\left|\left.\uparrow\downarrow\right>\right.-\left|\left.\downarrow\uparrow\right>\right.\right).$$
Note first that I have put factors of $1/\sqrt{2}$ instead of your factors $1/2$. This is, because we want the states to remain normalized. Second, please be aware that these four states are in no way eigenvalues in this context, they are also not eigenstates, because you did not specify any hamiltonian, of which these states could be the eigenstates. These four new states simply form an alternative complete and orthonormal set of basis states for two spins.
Now let me try to explain, why these four states are well suited to describe indistinguishable particles. To have indistinguishable particles should mean that it should not matter in our description of the two particles, which of them is in which state. In other words, when we exchange the labels 'particle 1' and 'particle 2', we should get the same observable properties of the system. This is indeed the case for our four new basis states. If you remember our notation convention from above, then, for example,
$$ \left|\left.\psi\right>\right. = \frac{1}{\sqrt{2}}\left(\left|\left.\uparrow\downarrow\right>\right.-\left|\left.\downarrow\uparrow\right>\right.\right) = \frac{1}{\sqrt{2}}\left(\left|\left.\uparrow\right>\right._1\otimes\left|\left.\downarrow\right>\right._2-\left|\left.\downarrow\right>\right._1\otimes\left|\left.\uparrow\right>\right._2 \right).$$
Now exchanging the labels for particle 1 and 2, we have
$$ \frac{1}{\sqrt{2}}\left(\left|\left.\uparrow\right>\right._2\otimes\left|\left.\downarrow\right>\right._1-\left|\left.\downarrow\right>\right._2\otimes\left|\left.\uparrow\right>\right._1 \right) = -\frac{1}{\sqrt{2}}\left(\left|\left.\uparrow\downarrow\right>\right.-\left|\left.\downarrow\uparrow\right>\right.\right). = -\left|\left.\psi\right>\right.$$
The exchange of the particle labels gave the same wave function with a minus sign!
How would we now interpret such a wave function? We would say: either particle 1 is in state $\left|\left.\uparrow\right>\right.$ and particle 2 is in state $\left|\left.\downarrow\right>\right.$, or particle 1 is in state $\left|\left.\downarrow\right>\right.$ and particle 2 is in state $\left|\left.\uparrow\right>\right.$ (note that you can read the $\otimes$ as a logical and, and the $+$ or $-$ as a logical or). Another way of saying the same thing: one particle is in state $\left|\left.\uparrow\right>\right.$ and the other is in state $\left|\left.\downarrow\right>\right.$. So we have somehow lost the information, which particle is which.
Now the question remains, why can no measurement distinguish two systems, whose wave functions differ only by a minus sign. Here is the answer: suppose you have a measurement operator $\hat{O}$. For the system with wave function $\left|\left.\psi\right>\right.$ its expectation value is $\left<\left.\psi\right|\right.\hat{O}\left|\left.\psi\right>\right.$, and for the system with wave function $-\left|\left.\psi\right>\right.$ it is $$(-1)^2\left<\left.\psi\right|\right.\hat{O}\left|\left.\psi\right>\right.= \left<\left.\psi\right|\right.\hat{O}\left|\left.\psi\right>\right.,$$
so it is the same! This means indeed, the antisymmetrized state describes a system, in which the particles are indistinguishable, because it cannot be observed if their labels are exchanged. We can no longer tell, who is who.
For this explanation, we have used only one of the four new basis states. If you repeat the argument with the other three, you will see that for them, the wave functions do not change sign, when the particle labels are exchanged. So it appears already for two particles, that there are two classes of states: bosonic states (no sign change upon exchange of particle labels) and fermionic states (sign change upon exchange of particle labels). In both cases, any observable $\hat{O}$ has the same expectation value for the original state, and the state with the exchanged particle labels. This is what we mean by saying, the particles cannot be distinguished (by measurement).