Fannie Mae requires the property to held individually, not in an LLC. 

I would advise you to consult your tax professional as we do not know your individual tax situation, nor what caused your initial interest in QOFs.To answer your question sincerely (with a common answer in the tax and accounting world), "it depends".

No harm in confirming.

Are you talking about your own individual living trusts to split title 3 ways and just get a good umbrella policy? 

I'm a risk-seeking individual and that would personally make me a little nervous... you never know if/when someone might tap into that money they have set aside for you.

Correct, that is exactly what I am saying and that cost would be if you hired each sub out individually and acted as your own GC.

NAR, individual state and local real estate subsidiaries of the national.

Well, that completely ignores the fact that you are potentially harming sellers when you put a house under contract and nobody wants it. 

However, my thoughts are that if you're going to spend a bunch of money on this, choose an option that results in individually controlled and metered units.

Individually no.