What is the max you recommend I spend on my first multifamily?

[Sean Smyth]

My situation: I have about 80k liquid in the bank, am able to save about 1.5-2k per month at the moment. I'm going to be investing out of state, so with a conventional or commercial loan I will likely have to put 25% down. Just curious what the max everybody here who has done it before would recommend I put towards a down payment and how much I should keep as a safety net. I'm targeting between 12-20% ROI. Thanks in advance.