We invest in areas that without knowing the areas you can be in a war zone or a great area in the matter of a dozen blocks - investing remotely will never get you that intel.Another pitfall is the reno budget (under estimate), the time line and carrying costs (under estimate) and the ARV (usually over inflated). 

Because after the high LTV refinance the properties are large negative cash flow with accurate sustaining expense estimates.  

They gave me estimates for demo of old fence, haul away old fence, install new fence, install new gate, new posts.

The softer resale market needs to be a factor in your decision making process and never try to force a deal to work by shaving costs off your reno estimates or hoping for a bigger sales price . . . never works out

Rehab Budget & ARV – A clear scope of work and after-repair value estimate are key for fix & flip loans.Entity Documentation – We will require an LLC, have your articles of organization, operating agreement, and EIN ready.For first-time borrowers, transparency is important.

Also, did the contractor estimate the SF of the triplex? 

I agree with @Alexis Sostre - tree through house = increased risk & that return is not commercerate to the risk taken on... your contractor estimating is giving his best guess but there's no telling what he could find. 

I would get another estimate.

I renovated the property, and I estimate it is now worth 285k (~97k equity).

Very reliable estimates cost you nothing.