You just cannot rent it out full year

You can rent out second home, but you have to stay in it for some time of the year.  And it cannot be managed by a PM. 

For example, you can buy a beach house and rent it out week by week to guests, and stay in it four weeks a year.  However, you cannot put the house under a management company such as a beach rental does.  

Nor can you rent the house full time for 12 months, so that you cannot stay in it for some portion of the year.