The asking price does not dictate how much the property is worth or what it will make you. 

Your price is going to dictate the area you can purchase in. 

Now, when you both still like each other, is the best time to dictate what you want to have happen, should there be a souring of partnership.I've been here a long time, I've seen a lot of things.

Your financing will dictate where you can look.

The size of the community will, in part, dictate what skills and experience a community manager needs.

Don't let what other people do dictate what you do, it depends on your rental type, location, and clientele and no one here will be able to tell you what is best for you. 

I would let the numbers dictate.  

But ultimately, the figures have to fit a sales price that is dictated by comparative analysis.

For me personally, I am trying to get to a place where I cash flow $5,000 a month and that dictates how I currently invest.If you will net $100K after the sale and you can get an investment loan with 80% LTV then you can purchase around a $500K investment property. 

Typically if they dictate terms to me, I will keep looking around.