my 96 has a rebuilt title. it has been trouble free for almost 3 years and 35K miles. when you get a rebuilt, it all depends on the type of damage that happened to the vehicle. somtimes very minor "cosmetic/surface damage" can be enough excuse for an insurance company to total a vehicle (this was my case). it is for sale by the way.
obviously you will want to stay AWAY from water and fire damage, as these will present serious issues in the future, and major damage at all is not a good thing (extensive frame damage etc...)