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Declaring residence as rental property

I just moved from my residence of 16 + yrs to another residence that I bought.    I am renting the residence of 16 years out for $900 per month less HOA fee of $237.    HOw long do I have to decide as to  whether I want to declare this as rental property?  I am.   I can't decide if I want to take the money from sale of residence and pay down my new loan, or do improvements, etc.   Or  what I should do.
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It is up to you, although you still have to pay to fee's and mortgage.
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