Managing an community led project is not a great deal different from managing any other type of project. You need to identify units of work and then prioritise them accordingly. However, since you are allowing your community to define many of the tasks it is important that you conduct all project management in the open, this allows you to manage your communities expectations. That is, it means you are able to clearly identify which tasks are going to receive attention with your current resources and which will need an injection of further resources from community members in order to be completed.
This page links to further information specific to project management tasks in a community led project.
TimeManagement - "volunteeritus" is a term used to describe the tendency to offer to help in every community activity. Your community will respect you more if you manage your time and only offer to help when you are able to deliver something useful.
EmailManagement - Being a part of an active community can see the amount of mail you receive multiplying rapidly. Here are some tips for managing your mail effectively.
IssueManagement - issues are bugs, feature requests, documentation needs, legal due diligence and other tasks that need to be done. Most community led projects will have more users than contributors, this means there will be more bug reports, feature requests and other tasks than there are people to cope with them. Therefore, it is important that a system is in place that allows the project team to prioritise and track issues.