Master-master Replication with 3 Nodes I need to configure mysql master/master replication with 3 nodes. Currently I have master/slave setup and I need to move it to master/master with 3 nodes. I have gone through some posts about configuring it in ring structure, I'm little nervous about it. 

If anyone has the similar setup on production, would be great if you can suggest me how to achieve this.
There are multiple reason why you wouldn't want to do multimaster replication in a circular fashion, but most of them can be summarized in one: You will have 3 different single points of failure. Check this article (which is exactly what you asked for, but probably not what you want). Standard replication is very prone to drifts in data, as it is asynchronous, producing -if you are lucky- the replication to stop for all nodes or -if you are unlucky- replication to continue with different data between nodes.

While 5.6 GTID and other features minimized those consistency problems, you still have the 3 single points of failure, as replication is single-master (multi-source replication is available only in MariaDB and MySQL 5.7, negating the need for circular replication).

If you want a setup that is multimaster (write anywhere), I would highly recommend going for a different technology that manages conflicts between nodes. Galera (you may also find it under the names of Percona XtraDB Cluster or MariaDB Cluster) is probably the way to go. It works on WANs, "resolves" conflicts (rollbacks them and retries the transaction) is multithreaded, and can be used to substitute regular replication and/or for clustering. Very recommended if your goal is HA or read scaling. It is free and open source, very widespread (I've helped several banks and hosting companies using it), compatible with standard replication and uses standard InnoDB -not a different engine- for storage.

The biggest cons, of course, are that it is a different technology which may take some time to understand (although probably easier than other clustering technologies), and it has its small quirks. But, in my very own opinion it is worth the time learning about it to make things "work properly". 

Can you setup circular replication? Sure, in the article I mentioned above you have the typical recommendations of log-slave-updates, auto_increment_increment and auto_increment_offset for each node. However, the few people that may be running this have to still either avoid multi-master writes or run it in a very controlled environment, where you cannot execute updates and deletes to the same tables in concurrency. Some people also over-engineer solutions involving GTID and semi-sync replication, etc., but generally not all companies have the dedication and knowledge to put patches over a protocol that is not natively prepared for this.