First, Title 3 raises allowing unaccredited investors are going to be quite expensive and won't make sense for most smaller projects - so staying intrastate is faster/less complex/cheaper off the bat.Second, one of the most important things about equity crowdfunding is risk mitigation.

I also invest full time in larger apartment complexes.

My interest right now is in mult and/or apartment complexes.  

Would you be at all interested in a 200+ unit complex in IL?

From the steps that I have taken I would recommend listening to as many podcasts as you can: https://www.biggerpockets.com/podcastI have stuck towards reading blog posts and personal stories, as I generally learn more from reading someones experiences than straight facts.And tonight I actually purchased my first complex valuation which gives me the selling price for the last 10 units in the complex, all the unit owners etc...Get your knowledge up to scratch and then you will start to feel more comfortable when looking to purchase your first property. 

My main interest is to own an entire apartment complex of anywhere from 10-40 units.

My guess is that besides the complexity and unrecoverable cost of underpinning, that as Brian mentioned, egress, may be the deal breaker.

Even if podunk bank does not require this clause, if Fannie does, it will dramatically impact the ability of any potential buyer to get financing to buy any unit in the whole complex.  

I know these records likely aren't accurate because the owner is in bankruptcy from mismanaging 4 sets of complexes and pocketing profits.  

I've rehabbed and successfully flipped two apartment complexes (57 units total), bought and sold a courthouse step property, and had a few other real estate ventures that failed.