Hi Monica! You've picked a great location - that part of Fort Lauderdale (at the beach end of Commercial) is Lauderdale by the Sea. If you want to rent it out, you should have no problem, as long as you select a condo whose association allows rentals. As I've mentioned elsewhere here on Trulia, if you're looking for weekly rentals, you may as well forget about a condo because your choices are few and far between. If you're looking for seasonal rentals, that's much easier, but remember, that means that your condo won't be available at what is most likely the optimal time that you'd like to use it! Annual rentals, no problem - there are buildings that won't allow any rentals or any rentals in the first year, but there are plenty that do.
You have to think of your budget, how much you can afford in maintenance fees, and how much you'd like to spend. I strongly recommend that you work with a Realtor who knows the area and can narrow down your search by bringing only appropriate units to your attention.
We seem to be doing most of our business out in Fort Lauderdale right now, particularly in that area - we also manage a super vacation home in Coral Ridge Isles, on the canals just 5 minutes from Lauderdale by the Sea. We know that business well, and would be delighted to work with you. If I can answer any other questions, please don't hesitate to contact me.
Best of luck - again, you've picked a great location!