To model purchasing a new primary residence and renting your old home, you must follow a multi-step process. First, you model the relocation of your primary home. Then, set up a future home purchase to model your former primary residence. Next, set up a passive income stream to model rent.
1. Model Relocation
2. Model a Future Real Estate Purchase
On My Plan > Home & Real Estate, scroll to "Future real estate purchases."
Select that you are indeed planning a real estate purchase that is not a different primary residence.
Give the property a friendly name/label
Enter your Age at Purchase, the same age as your relocation.
Enter your Purchase Price in Today's Dollars. The amount you purchased your home is currently worth.
Enter the Down payment Towards Purchase, the amount you have paid off your mortgage as of today
Enter the Down Payment from Which Account, the account that will fund the purchase
Enter the Mortgage Rate
Enter the Term, the same term from your previous mortgage
3. Model a Future Passive Income Stream for Rent
On My Plan > Work & Other Income, scroll to "Do you or will you have reliable monthly passive income?"
Click on the "Add a change or additional source of passive income" link.
Enter Monthly Pretax Income, the amount you will collect in rent
Enter From Age and Through Age, the duration you plan to be a landlord.
Enter Growth Rate Optimistic and Pessimistic, the amount you estimate rent to increase with inflation
Enter Source of Income. This will note the purpose of the income stream.