Ask how many units they manage and how much experience they have.

Converting an unfinished basement into a third unit can definitely add value, especially here in Chicago.

@John Lasheri agree with you, you'd be surprised at how many people listen to Grant Cardone though, and decide that they're going to go buy a 100 unit with 'OPM' as their first deal and quit their job.i think buying something of that size with a few partners is a perfectly good goal. 

Recognize buying rent ready units have very thin margins and most properties purchased off the mls will have negative cash flow.  

A landlord policy can be a commercial policy or a personal lines policy.It's the same as asking if you should buy a single family rental or a 1 unit building.Focus on the coverages and disregard the name of the policy.

Quote from @Somesh Mukherjee: Hi all, I am looking to diversify & add a small apartment (3-4 units) to my portfolio.

I am a new investor looking for primarily multi-family properties with 2-4 units; would be willing to house hack as well depending on the opportunity. 

@Ilia Zakharav, There's no problem in selling individual units and 1031 exchanging them as individuals. 

Our goal is to acquire an additional 200 units by the end of 2025 and connect with like-minded individuals passionate about real estate.Outside of my professional endeavors, my interests and hobbies include weightlifting, off-roading, hunting/fishing, and searching for the next big deal.What's your Real estate testimony, and how can we work together to build success?

I cannot comment is $100-120 is high as I do not know your market, and I do not know size of unit, bed counts, etc.