Hi Eddie! It's a great location but you are going to be EXTREMELY limited on what you can find in a condo with liberal rental policies. If you're thinking of weekly rentals, it's next to impossible to find anything in the $200,000 range that would allow weekly rentals. However, if your thinking of longer term rentals - seasonal ... that's much more promising. Condo associations don't want people coming in and out all the time - it's a security risk for their tenants, in their mind (understandably so).
I'm not saying they're not out there - the one with the most liberal policies that I know of, is on Galt Ocean Mile but they're a little bit higher in price. It depends on your budget and your flexibility on how you would rent.
However, back to your question. Once you'd found the condo, furnished and equipped it appropriately to make it attractive for a renter, marketed it on the right websites, created a nice web page for the unit too - you'd have a popular property in a super location. There are many factors involved to make it successful. We manage a rental home in Fort Lauderdale and have a fair amount of experience in locating and selling vacation rental properties to out of state and overseas buyers.
If I can be of more help, I know this area very well, please don't hesitate to let me know - I'd love to work with you to help you find the perfect place!
Best of luck!