I think you could enter it either way and the results are the same. Each property has to have it's own depreciation, which can be listed separately on 1 depreciation schedule with the DST as one rental property. Or you can list each property as a separate property on schedule E, however that probably won't work well as your income will quite likely be reported in a lump sum from all properties if it is one DST. Depends on the reporting you get from your sponsor. I'd list it as one rental with 3 separate properties on the depreciation schedule for that DST. On never knows if the DST will liquidate all properties at the same time or not.
