It is hard to manage it all. We are currently looking for office space to move our business out of the home because we end up working 24/7. Someone must be disciplined to work from home...it is easy to see something that needs done and get off track. As you know, you have to stay focused and it is not the right opportunity for just anyone.
However, my daughter is 15 and pretty self sufficient so I do not have toddlers around me while I am working.
As for phone line, we use our cell phones. We have a wireless printer and we have E-Fax. Our faxes come in via email, I print them. If I need to fax, I use the land line we have left (we went from 4 to 1 landline last year) and I send a fax. I LOVE the wireless printer, I just hit the print key and it is done. I then go pick up printing in the home office as needed.
Office space, we do have a home office but we tend to be at the kitchen table most of the time. The lighting is better, we do work together so it is not cramped like it is in our home office.
Best wishes to your new adventure!