Questions about living in, fix up investments.

[Marcus Ko]

Hi,  I'm basically a first time home buyer, bought a foreclosure for 123K in July 2015, put 5% down.  Other comparable units in the area having been sold for higher, around 150K.  I put in about 11K for repairs and upgrades.  

So my question is actually two fold.  

1) I've heard that at some point I should cash out refinance.  I heard that I should live in the house for a year or 2.  When would be an optimal time to cash out refi?  

2) If I end up selling more than what I paid, say I sold for 150K, that would put me positive 10K.  So my 2nd question is then, what is a good price range for homes to look at to do a 2nd live in + fix up to repeat this whole process?

Appreciate any feedback someone can give me.