Thanks for the additional info Chickadee. I have decided that I will probably establish a community tank with the fancy guppies first, then possibly get a small 5 gallon tank later on and make that the home of a male betta.

I have learned from keeping other pets over the years that research is the most important part of keeping ANY animal as a pet/hobby. To me it is sad to see someone jump into anything without first doing their homework (you wouldn't try to keep a bulldog in a hamster cage, now would you). The animals end up being the ones who suffer because of this, and a lot of people don't even care. I was in the pet store the other day and fell in love with a Redtail Leopard Catfish. It was a baby, of course. After researching and finding out that they get HUGE, I abandoned the idea of getting one. What worries me is the fact that someone will probably come along, buy it, and stick it in a 20 gallon tank without knowing what they are actually doing.
It is truly a shame that it has to happen to such a beautiful fish.

With that being said, that's why I'm here. I'm here to ask questions to those who have had first-hand experience with this hobby. So far, I've already learned quite a bit, but I know that there is always more to learn. I certainly appreciate the info!