How Should I Calculate ROE on a BRRRR Property?

[Dylan Cutkomp]

I am fairly new to real estate Investing and I was wondering if some one could help explain the Calculations to determine the ROE on a BRRRR property? Once my properties ARV is higher and I cash out Refi, do I calculate ROE with the equity created or should I calculate ROE with equity I put into deal? Hope this makes sense and someone can help.