I have done a short guide on placing the Actiontec in bridge mode This guide assumes you have a MoCA Coax connection coming into the Actiontec.
Summary: (1) you have to release the MI424WR's IP from the ONT (2) disable all MI424WR functions to make it into a bridge mode. (3) Assign static IP to AEBS
(Step1)
a) Connect a computer directly to MI424WR and Restore Defaults and reboot
b) Select Broadband Ethernet Connection > Settings >Release IP and immediately change the "Internet Protocol" option to "No IP Address"
c) Apply (hopefully you don't need to call Verizon support for that)
(Step2)
a) Network (Home/Office) Connection > Settings
b) Under "Bridge" Check the box next to the "Broadband Connection (Coax)", and check the box under the STP
c) Disable DHCP
d) Apply
e) Disable Wireless if you wish
Now you can disconnect your computer from MI424WR
(step3) On the AEBS
a) Internet Connection = Ethernet
b) IPv4 = manual
c) IP Address = something different from 192.168.1.1
d) Router = 192.168.1.1
e) Sharing = Sharing a public IP address, and in DHCP pane do NOT use the same 192.168 range, it will conflict with Verizon IP's. You might get a double NAT warning, ignore.
Now connect AEBS WAN port to MI424WR's Ethernet port, AEBS should now DHCP an IP from verizon without any problems
Note: The only way to access the MI424WR after this setup is to directly connect a computer to it (via ethernet) and using a static 192.168.1.* IP address (use something different from 192.168.1.1).
Ref:
ActionTec MI424WR User Manual