It also has to include the individual's risk tolerance level.Now for the real estate that i would pursue,  an investment that will annually provide a steady cash flow of 10% return or better, a property that will appreciate along the way and one that has the least amount of headaches.

All depends on risk tolerance. 

@Brice PooleI think this is mostly about risk tolerance and it's helpful if you and your partner see eye-to-eye about this. 

Asset protection is a matter of personal choice depending on your risk tolerance and the amount of liability you're likely to encounter.

It all comes down to your risk tolerance.

But you'll also need the connection, education and tolerance to perform to my standards. 

I can tolerate buying a property that only generates a couple hundred positive cash flow because I am spoiled with my all cash houses that pay me back in a flash.

BP has some really great calculators BTW - even if you don't know all these numbers right now, if you take a look, it will at least mention the categories you should be thinking about.Depending on your expenses and  income should answer how much of a mortgage you might be able to tolerate. 

It depends on many factors: net worth, risk tolerance, future goals.

That's a difficult question to answer without understanding your current financial situation and risk tolerance.