I have an update to this older post: http://www.dslreports.com/forum/r28636982-Help-Configuring-2nd-SSID-on-CL-Actiontec-PK5000
I experienced the same issue being told that the subnet was invalid. It took me a while to figure out that I was using the same gateway IP address for both the primary and secondary SSIDs.
SSID1 - MainWiFi
DHCP Range: 10.0.0.3 - 10.0.0.254
Subnet: 255.255.255.0
Gateway: 10.0.0.1
SSID2 - GuestWiFi
DHCP Range: 10.0.1.1 - 10.0.1.10
Subnet: 255.255.255.0
Gateway: 10.0.1.1
When I did this it told me I the secondary SSID would not be able to access the modem or the other computers on the main network (exactly!).
It went a little wonky on me as it re-assigned the modems IP to 10.0.1.1 at first. I logged back in and changed the modem's IP back to 10.0.0.1 without changing the SSID2 settings. It appears to work as it should.
The only thing I don't have working now is the bandwidth limiting on the secondary SSID, but I'm happy that I can have an unsecured guest WiFi that can't touch my secured network.
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