I'm going to share my PS4 with everyone in my dorm. How do I make it work?

I recently got permission to install my PS4 in the common room, and I thought I'd share it with the rest of the dorm because

1) everyone should experience the joy of gaming

2) I feel kinda bored being the only gamer in the hall.

I'm just wondering how I can create a system that won't create any friction. Should I create a guest account to be used by everyone other than me or let them create or use their own accounts? Won't people be bothered by someone using up all the save slots? The biggest issue I can think of is the storage. I have a 500GB version, but whenever I run out of space, I just delete the games I've already finished or am not interested in continuing anytime soon. I think I could buy some storage devices but I have no idea which ones to get or how to install them in the PS4. Also, do I just label them based on which games are stored in them so everyone can change them as per their convenience or what? Would appreciate some help.