This also gives you an excuse to inspect the property at least once a month to stay on top of any damages.  

Question then is would her deposit cover the repair/replacement of the new floor should she damage it?

I have had far too many co-signers cry foul when I hit them with a bill for unpaid rent or damages.

There are homes out there, I just came across one, but have so much in structural damage it almost makes the home worthless.

Also if they do damage, you're already covered by the fact it's non refundable PLUS you will use the tenant's regular deposit to cover.

In fact, they are just as likely as any other tenant to cause problems, including: failing to pay the rent; damaging the property; committing crimes (especially drugs); allowing their dog to damage the property or bite the neighbor; etc, etc, etc.

He supposedly murdered a guy for causing damage to someone else's property.

Then you can always raise the price of the rent to the point that they leave on their own, or add a non refundable pet deposit for a couple grand to cover the damages from their dogs when they do leave.

Outside of that, I have a good lease, fix everything that needs promptly, try to invest in my places as needed, and let the tenants know from day 1 I don't put up with damaging the property or not paying the rent.

ALSO, THINK ABOUT THE DAMAGE TO THE PROPERTY THAT MAY NOT BE EASILY FIXED.