Here is how AX2012 and D365 F&O On-Premise compare:
- Make sure your servers are setup and ready to go. You will need the server IDs and IP addresses.
- You will need the AAD tenant to create your LCS so make sure you have that.
- Create your LCS project after you have purchased your licenses. Your consultant should be able to assist you with this process.
- Deploy your LCS D365 and select the on-premise option, follow thru with the rest of the setup questions.
- Once your setup is completed, the AOT, Load balances, SQL Server 2016, Local Storage, Power BI , SSRS and MR should all be installed on the servers you defined.
- For development environment, you will need the VSTS and a full VS licenses for development and code customizations.
Note that you will still promote all your customizations thru the LCS and your product updates will also be managed thru the LCS platform along with your support incidences.
See the link below for full details on the On-Premise solution of Dynamcis D365 F&O.
https://docs.microsoft.com/en-us/dynamics365/unified-operations/dev-itpro/deployment/on-premises-overview
Also, check out the Microsoft portal for D365 roadmap.
https://roadmap.dynamics.com