It seems illogical to spend a lot of money on this, unless you have enough money that it simply doesn't matter. As stratavarious said, it will be a good way to learn how to do it with your own studio. Doing it all at home will make it a social event for everyone that participates. That might have its drawbacks, but it might make it more enjoyable. I don't know if you have a deadline, but if this isn't meant to further your musical career, then you don't have any real pressure to get it done by certain date. Do it at home. Enjoy the learning process. Enjoy playing with friends and other musicians. The final product will be much more than just a collection of songs. It'll be a collection of memories.