In Michigan, landlords have a duty to mitigate damages (i.e. try and re-rent the apartment) if a tenant leaves early.

The house is two story home with laminate flooring all through the house except the bathrooms and kitchens, I have been taking a very good care of it without any scratches so my concern about renting it is if the floor gets damaged and I have to redo it all over before putting it back on the market along with do HVAC repairs (It is 12 years old system and running great but I am sure in the next few years will need some care in Texas heat).Currently, I live like 12 miles away from this house, Any thoughts would be appreciate it.

If there are any damages make sure to make note and take pictures for your records. 

My problem is while there are no tenants occupying the space we need to prevent the building from being graffitied, people camping and living in the parking lot, and damaging the property in general. 

So, after the inspection last weekend, we  found there are more water damages to both duplexes because of missing gutters and holes on roof; also, foundation problems and old knob and tube wiring.

Also make sure to tell your insurance provider about any other damage that was caused as a result of the leak (flooring, baseboard, drywall, paint, etc).I've only filed 1 claim and it was on a roof, the cost to replace was around $10k.

Liability (covers your personal Liability for Bodily Injury and/or Property Damage)7.

People are selling houses right now for 300 to 400/sq ft that were damaged but have been gutted out and in need of rehab. 1200 to 1500 sq ft houses that once were selling for 900 to 1100 sq ft.  

You're always going to find someone that did better, so you can't let that dissuade you from picking up good deals for yourself.To play devil's advocate:- If you have a bad tenant that does some real damage, it could easily take several year's of your projected profit to pay for. 

No additional cosmetics or upgrades will be performed without prior written approval by PM. 2) During Move-in inspection, only "damages" will be noted, along with "new", "OK", "fair", or "poor" as overall indicator for any particular element.