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Well I actually don't think it's that complicated to make a third movie. As many Buddy Cop franchises have (Rush Hour 3, Lethal Weapon 3 and 4, Beverly Hills Cop 3) Shoot, I'm shocked they never did a 3rd "48 Hours". Bad Boys has a very simple formula. Mike and Marcus take one whatever drug kingpin. Then you have tons of Action, Car Chases, Gun Fights and Humor. As for the status of the movie. Here's what Producer Jerry Bruckheimer said about it:
Bad Boys 3 is a rumored sequel that won't go away, and like "National Treasure 3", Jerry wants to bring it back to the big screen. "We're working on an outline right now", Bruckheimer said. "Hopefully we'll get a screenplay in the next three months, and that will become a movie I hope". We suspect there's still a long way to go there, in truth. If it happens, the film will be taking place in Miami.
They've hired several different writers as mentioned in this thread and drafts have been submitted. It's been in development since 2009 but this is the 1st time that steam is picking up for the movie now that Bay, Will and Martin's calenders are clean.