I have been looking more and more into trying out the MLO strategy to get my hands on a large apartment complex or a residential multi-family property.

I think this thread is the only one I find to be very pessimistic when compared to the other links I listed.I really do appreciate everyone's opinions.However, just like I did 20 years ago as I worked out the complexity of Investing in NYC while 99% of my friends, family and other Cash Flow Investors told me to not do it, I've  made a fortune.I will certainly work this next phase of Investing out as well.The readers of this posts should understand that you are responsible for your growth.

Also I plan to buy a total of five duplexes, which; I will later trade up for a Apartment Complex.

What's an appraisal cost on a 100+ unit complex?

I realize the future of this land is a condo complex, walking the property it has ample room for a 40 unit complex no problem with enough parking.I have some first hand experience with rentals but nothing to this caliber, what would be the steps for me to take to even see if we could achieve this?

My main real estate goal is to own an apartment complex using the buy and hold strategy.

My ultimate goal is to own enough small multi-unit properties to 1031 exchange for a single 100+ unit apartment building complex. 

I started investing in real estate three years ago: I have a 4-unit complex and a vacation rental, and both are doing well.

In other words, a commercial line of credit on the whole value of the property.I've got my eye on a 12-unit complex for sale for just under $500K. 

The scale of your development (large scale apartment complex or individual singe family housing) will determine the method that you would use to locate any utilities.