I'm thinking it might make sense to start a separate LLC for the 3rd property but the thought of the work and costs associated with it alone makes me reconsider.  

Good  luckHow about a counter thought Dan, to see if I can't sway you to reconsider. 

I'd urge you to reconsider this deal. 

When we underwrite our F&F's, the guidelines are in place to make sure you have a healthy profit margin so if we see anything glaring that should be re-considered we can walk through that in order to make sure everything make sense before proceeding. 

Should we reconsider our attorney's recommendation and go for a single revocable trust or is there a more efficient way to handle this with separate individual trusts? 

Thank you James and Steven I have read these several times and am reconsidering.

Since IB has gotten so many positive remarks here, I may reconsider it, since it is weighted very high by the algorithm. 

If they are not interested or don't have experience in managing rentals then may want to reconsider something more passive and liquid.   

Additionally, I own an adjacent parcel with 5 acres of coffee and have obtained permits to operate an agricultural tourism business there, with entitlements to build two more dwellings.The estate is situated within a gated community, and while it’s a remarkable property with a lot of unique features, I’ve encountered some pushback from the neighbors, which has made me reconsider my position here.

I think the other posters responses are great and work for many others on this forum.HOWEVER, based on your stats alone, I would reconsider REI.