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As of now, if you currently own a second home for personal use, you are allowed to rent it, or your primary residence, to another party for up to two weeks (14 nights) without reporting any of the income.
FORBES: Vacation Home Survival Guide
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Of course, the simplest way to own a second home is to keep it strictly for personal use.
FORBES: Beach House Bummer
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Lenovo's IdeaCentre D400 home server securely houses large amounts of data for professional and personal use, including videos, music and photos.
ENGADGET: Lenovo debuts IdeaCentre D400 home server, 'world's thinnest' Q100 and Q110 nettops
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However, current law already allows home hobbyists to build their own firearms provided they are for personal use only (and not for sale).
FORBES: Why 3D-Printed Untraceable Guns Could Be Good For America
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During a private reception at Pendleton, Mr. Schwarzenegger marveled when marines showed him a 14-ton armored vehicle the size of a small suburban home, noting half-jokingly that he'd like one for his personal use.
WSJ: Arnold Schwarzenegger: A Career Not Yet Terminated
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Finally, keep your business and personal debts separate: Don't use your "small business" credit card for personal expenses, and if you tap your home equity to fund your business, keep records showing where the money went.
FORBES: Investment Guide