Insurance payout strategies

[Ryan Mayes]

I owned a duplex that caught fire and was badly damaged. The house was insured for $193,000. Insurance said we could fix the home with the money or purchase a different property. It didn't make since to put that much money into fixing the burnt home because the resale value would be much lower. I sold the house for $10,000. Insurance paid off my loan and the remaining $144000 needs to be used to purchase a different property. The money can be used for closing costs but cannot be used towards the land value of the new property. I want to take the cash but that isn't an option. What is my best option to get the cash without losing a ton of money on closing costs if I buy a property and instantly re-list it for sale? Also would i only need to pay taxes on money that is profit?