I think you have the right strategy there, take it slow and figure things out.

This might include things like intent at the time of purchase, time held, whether a property was marketed for sale, frequency of such transactions, whether you are personally flipping houses separate from the plan, etc.If your IRA is flipping properties on a regular basis, then you will surely want to speak with your licensed tax advisor to be sure you understand the ramifications of UBIT taxation, and whether this tax on the gains from flipping will still leave your IRA with better returns than other options, or if you might need to look at different strategies for the IRA such as long term rentals or hard money lending.

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?