Satellite and aerial imaging technologies have been explored for a long time as an extremely useful source of collecting cost-effective data for agricultural applications. In spite of the availability of such technologies, very few growers are using the technology in their agricultural practices for making informed management decisions. This is particularly the case for fruit and vegetable growers which are usually small to medium size growers. The major challenges that limit the agricultural applications of remotely sensed aerial images are the high cost and the lack of resolution of acquired data for certain applications. In this paper, we describe the utilization and implementation of an affordable, light weight, multi-rotor remote sensing (MRRS) system for various precision agriculture applications. The overall objective of this work is to test the feasibility of utilizing a cost-effective, reliable remote sensing tool for applications such as inventory management and stress detection in different specialty crops. The sensor used with the MRRS platform includes multispectral cameras with visible-near infrared reflectance imaging capabilities and a thermal camera. The MRRS platform also provides an opportunity to acquire high resolution stitched images for applications in tree counting and crop monitoring. The system has the capability of fully automated autonomous waypoints navigation and altitude control. It is capable of spatial-temporal data collection using the GPS navigation points and it can store the flight path for flying to the same point over time.  The platform is very easy to operate and quite user-friendly. Our preliminary studies show that the MRRS system could identify stressed trees from those of healthy ones in citrus orchard. Such tool will enable growers to make better management decisions for better productivity and profitability.