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.