I haven't been here in a long while but with someone who has experience in this department I can make a couple suggestions, I think.
Avoid vBulletin 5. vBulletin 5 is pretty bad for both parties, and there's been lots of complaints about it on a few big boards I'm a part of that use it. Personally, I use XenForo, which is maintained by two of vBulletin's original developers. It's very well-written software and easily extensible.