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
On My Plan > Home & Real Estate, scroll to "Do you plan any future changes to your primary residence?" Toggle to relocate.
Enter the age that "You" will be at the time of relocation.
Enter the Estimated Purchase Price of the new home in today's dollars
Enter the Mortgage Balance, or the amount you intend to borrow
Enter the state of your relocation
Enter the estimated Interest rate on your Mortgage
Enter the estimated Term on your Mortgage
Select the account to fund the sale proceeds or down payment
2. Model a Future Real Estate Sale
On My Plan > Home & Real Estate, scroll to "Do you plan on purchasing additional real estate - NOT including a different primary residence?"
Click on the "Add another property" link.
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 Downpayment 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, the same amount from your previous mortgage
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.