Suppose I have only the first 16 characters of a MD5 hash. If I use brute force attack or rainbow tables or any other method to retrieve the original password, how many compatible candidates have I to expect? 1? (I do not think) 10, 100, 1000, 10^12? Even a rough answer is welcome (for the number, but please be coherent with hash theory and methodology).
The output of MD5 is 16 bytes (128 bits). I suppose that you are talking about an hexadecimal representation, hence as 32 characters. Thus, "16 characters" means "64 bits". You are considering MD5 with its output truncated to 64 bits.
MD5 accepts inputs up to 264 bits in length; assuming that MD5 behaves as a random function, this means that the 218446744073709551616 possible input strings will map more or less uniformly among the 264 outputs, hence the average number of candidates for a given output is about 218446744073709551552, which is close to 105553023288523357112.95.
However, if you consider that you can find at least one candidate, then this means that the space of possible passwords that you consider is much reduced. A rainbow table is a special kind of precomputed table which accepts a compact representation (at the expense of a relatively expensive lookup procedure), but if it covers N passwords, then this means that, at some point, someone could apply the hash function N times. In practice, this severely limits the size N. Assuming N=260 (which means that the table builder had about one hundred NVidia GTX 580 GPU and could run them for six months; also, the table will use quite a lot of hard disks), then, on average, only 1/16th of 64-bit outputs have a matching password in the table. For those passwords which are in the table, there is a 93.75% probability that there is no other password in the table which leads to the same output; if you prefer, if you find a matching password, then you will find, on average, 0.0625 other candidates (i.e. most of the time, no other candidate).
In brief, the answer to your question depends on the size N of the space of possible passwords that you consider (those which were covered during rainbow table construction); but, in practice with Earth-based technology, if you can find one matching password for a 64-bit output, chances are that you will not be able to find another (although there are are really many others).