VM ware, better to host your self or with a server?

I'm just at the beginning of getting into VM ware and messing around with it at the moment. I typically just use multiple cheap computers but I've recently thought more into VM ware but I have a few questions.

Which software do you recommend the most to do it?

Is it better to run it independently on your on equipment or to utilizes a dedicated server?

Will the mac address be similar or is there a way I would change that?

I would want cheap dedicated Ip's whats the best solution in in your opinion?

Thanks in advance!