the second example does not have an Occurrence.Insuring a $50k property for $500,000 is not a good strategy. 

Your "strategy" (aka common sense) of saving up capital is very smart, do whatever it takes to save as much as you can if you are serious about investing.

Or should we just move to our second exit strategy - refinance and rent?  

We bought it at a 7+ cap so sale price was essentially price adjusted for the assumption.I would run two scenarios get the actually yield maintenance $ amount and add it to the purchase price and see what your model looks like after placing new debt and what your model looks like if the lender will give you a supplemental.What's your exit strategy and timeline?

I want to use the BRRRR strategy to develop my portfolio, but I need to expand my knowledge of the market before can dive in with my first property.I look forward to meeting and working with the BP community.

I have no interest in pursuing it, but am highly curious if there are strategies that may make this worthwhile.

With little capitol, wholesaling is my first strategy.

Transaction costs in both your strategies will eat you alive. 

I am a new investor, and I wanted to know if there are any strategies you like to use to identify good markets.

I am interested in performing a Subject To deal, but I wanted to know what are the most profitable exit strategies?