I am pre-approved for 1.4M range.Since I have multiple rentals (3) and Primary home mortgage, my case becomes complex with current mortgages 50% LTV .

Also the Universal Life thrust in retirement planning is a red flag, to me, because of the high upfront commissions involved and needless complexity often imposed in these products. 

OTOH I built and own the complex.

A track record managing a SFR worth $100K does not necessarily translate into owning a $450K multifamily property and that experience doesn't necessarily translate well into owning a $2M complex.

The area of real estate that resonates most is CRE note investing, which is so complex that I feel I would need to work to learn before I earn.

I'm self-employed and I own investment property so that's already two strikes against me for underwriting complexity. 

Large residential complexes will calculate a cap rate basically because they all will have similar expenses and share information so it is an easy calculation. 

My question is should I go and sell this property and pursue my goal of owning a small apartment complex or build a house which will prob cost around 150k to 200k and rent it out covering most of my mortgage?

Generally a condo is a unit in a building/complex that is owned by an individual but shares common space with other units (like common hallways or greenspace). 

There is a level of complexity in these understandings when it comes to urban versus rural assets.