@Luca Mastrangelo, the reason I don't like holding the property or doing a refi in your situation is that your Return on Equity (ROE) is terrible.

BRRRR over Turn Key? 

We are considering buying a foreclosure/ROE/wholesale property to live in. 

However, that's only 4.3% ROE (800 * 12 / 224k).

So your personal home has little to no ROE.

I prefer to be more exact and account for selling costs to accurately reflect the attainable equity, but others may skip including realtor/closing costs.In general, if I'm getting an 8% cash on cash return, my ROE is likely around 12-16% year 1.

What I mean is, do you use ROE as an on-going metric?

Gross Potential Income $132,000 - Vacancy ($10,560) 8% - Concessions, Loss to Lease, Bad Debt $0 Effective Gross Income $121,440 Other Income (Laundry) $2,500 Total Net Income $123,940 EXPENSES Real Estate Taxes $12,500 Insurance $0 Contract Services $2,190 Trash Removal $0 Electric $0 Gas $0 Water and Sewer OR All Utilities $37,500 Legal $1,000 Management Fee 8.00% $9,915 Repairs and Maintenance  $7,500 General/Admin $1,100 Payroll $0 Other $500 Deposit to Replacement Reserve $3,000 Total Expenses $75,205 Net Operating Income (NOI) $48,735 Debt Service Principal $7,384 Interest $24,857 Total Debt Service $32,242 Total Distributions to Members $16,493 Member Contribution $234,163 ROE 7.044% Member Cash on Cash Return 7.04%

I Want control on who is living there and the metrics I use to screen them but the best return on my investment and reduce overturn and damage to property. 

They will not remove a late fee or overturn a tax sale just because you don't get a bill.