As soon as you take possession, do a walk through to document the condition of the home, so that when the tenant does move out, you know what was damaged AFTER you bought it.

Farmer Insurance agent assured me that the rental property is covered from tenant and/or vandalism damages.

Average vacancy term on a renovation project: 3-6 mos. unless severely damaged (i.e. fire).

Obviously the security deposit is meant for a different purpose (towards damages and repairs)… but it acts as a goal post for us.  

I just submitted another app for the fire damaged house to my left.

There's a real good chance that the lease requires them to do several things: upkeep on the unit is a big one (damage to property), weeds outside and landscaping (which encourage pests and insects to inhabit the property), pets authorized or not, additional tenants on the property that are not on the lease.

These tenants reported the wood porch floor being damaged, and since it is old, I replaced it with brand new boards. 

Hi,I would return the deposit fully assuming no damages and this would be required in most states as you weren't actually 'damaged' by the early termination.

I come from a jurisdiction where you claim can be declined if you fail to show proof of tenant screening documentation especially for property damage by the tenant. 

:A bad tenant can lead to thousands of dollars of losses via unpaid rents, legal fees and property damages.