This particular property is under contract and no longer available. It is also an unapproved short sale so, depending on the situation, the price could change and/or it may not be approved by the lender or it could take months and months to get an answer from the bank. However, this doesn't mean that all short sales (or even this one) fall into this situation, it's just something to be very aware of when looking at short sales.
To answer your question, there are no rental restrictions in Woodgate and, in fact, there is a very nice 3/2 waterfront unit with new kitchen, floors, etc. currently available for rent in there listed at $1,750. This will give you an idea of the rent you can anticipate.
Many condo/townhouse communities in the area do have rental restrictions, so it is important to avoid these.
I strongly recommend that you work with an experienced local Realtor who knows the market well. I'd be happy to help you and we'd also be able to help you secure a good tenant once you have your property. Let me know if I can help.
Best of luck and best regards,
Villa G Realty, Inc.