All the best to you.
Generally these home are sold at some point before or after the new home is purchased. And if this doesn't work out because of today's economy and housing market woes, many are renting these homes while waiting for better times.
It looks to me that you are moving to Califonia, right? If so I would sell my home in MI. and NOT rent it, here is why, you are to far away to ensure that the property is being maintained,. What if something breaks while you are out here? The rule of thumb for most investors who have rentals have them no more than 45 min. to 1hr. away. There are exceptions to this, you rent to a family member who you trust, you do not plan to stay in cal. and plan to move back, etc: Of course I would check with my cpa/financial adviser to see what makes most sense for you first, but other than the above I would SELL.
At your service,
you could always...........sell it!... rent it!... or keep it as a weekend getaway for when the inlaws come!
The biggest question is.............CAN you and DO you want to buy another home while still owning your first home?
Can you afford to carry 2 homes, or do you want to be a landlord?