I just finished taking a college level painting course, and learned that mineral spirits are not even necessary any more. You can use walnut oil or linseed oil to thin your paints. And you can use a gentle brush cleaner like "Master's Brush Cleaner" for your brushes. Mineral spirits are so harmful to the environment too. My instructor also gave us a huge list of pigments that were highly toxic or moderately toxic, and discouraged us from using them in her studio. A similar list can be found here: http://carolineroberts.blogspot.com/2009/01/toxicity-of-p...
After learning about the harmful effects of inhalation and about how many artists have died from pigment poisoning, I would never go back to the old way of oil painting. And it is not just inhalation, it is absorbed through your skin if you don't use gloves. The pigments my instructor encouraged that are low-risk:
Burnt and Raw Sienna (PBr7)
Mars Red (PR101)
Red Ochre (PR101)
Mars Violet (PR101)
Gold Ochre (PY43)
Yellow Ochre (PY43)
Green Earth/Terra Vert/Verdetta (PG23)
Iron Oxides (except Mars Brown) (PR102, PBr7)
Ivory Black (PBk9)
Mars Black (PBk11)
Mars Orange (PY42+PR101)
Yellow Ochres (PY43)
Titanium White (PW6)
Transparent Yellow Oxide (also Orange) (PY42)
Ultramarine Blue, Red, Green and Violet (PB29)
I only bought the primaries and black/.white for the course. (I am a poor painting mama!) Needless to say I learned how to get REALLY good at mixing my own colors:) It really is true that you can make any color from the primary set and black/white. I will never buy anything outside of the primaries again.
I have my studio set up in my house, in a corner of the living room, and have a easel for my daughter set up also. We paint together quite a bit, although I only let her use watercolor and acrylic right now. I do keep all the paints and mediums in a locked supply box with a padlock when not in use, even though they are low-risk. Mainly I wanted to be able to let our paintings dry in the house without slowly killing/impairing us:)
Happy painting!