Options for fire damanged rental property

[Harsh Shah]

One of my rental properties in Austin had a fire recently when tenants used fireplace. There is extensive damage to the house and I am working with my insurance company and have talked to couple of fire restoration companies. One option I have is to demo and rebuild the house using insurance money but it will take about a year and lot of involvement. I have experience with minor to medium size rehabs but nothing as extensive as needed here. I spoke to few folks and other option is that I take the insurance settlement and not rebuild and try to sell the house as-is. I am looking for some advice from someone who have had similar experience and what are the pros and cons. If there are any legal issues that I have to worry about etc.