I have a rental property that has been paid in full and I want to try the BRRRR strategy..

That included getting a team in place, educating myself here on BP and other books, actively looking at the market to identify where I wanted to invest, determining my strategy, realizing there was a flaw in my plan, finding a private investor, and finding a deal that met my criteria. 

I'd really advise against plotting an alternative exit strategy based on not signing -- that's not a good way to do business.

I'd love to discuss strategies!

The fix up and finish out depends upon the strategy whether it be to hold (which I always suggest to ride out the economic corrections) or fix it up to sell it.

I know short sale can take sometime because I would need the bank to approve my offer also and their agent (niece) is willing to show me the home before it goes on market and they are open to working on deal.Should I pursue this deal and what would be a good strategy for this?

I have exclusively fix and flipped properties and I'm considering changing my strategy.

But how do we get there, and what RE strategies do we pick along the way?

There will be so many people with divers investing strategies that it might be a good opportunity for you to get first person input from many different angles .

Those are complicated, often unsuccessful and maybe not the best strategy for you right now.