Using second/vacation home for investment property
I plan to buy a duplex out-of-state for my first investment. A mortgage consultant from a big bank told me that since this is my first out-of-state property, I can use second/vacation home loan for lower downpayment and interest.
I still worry that if I use the loan, can I still turn the property into an investment and hand over it to a property management company to manage it.
Is it legal and has anyone tried to do that?