As far as a library goes... it's not a bad idea. I'm in a Aviculture Society (Parrot Breeding Club) and we have a library that's just stashed full of books. You can check them out for as long as you want. If you want to check out a book someone has, you find out who has it by looking at the card, and then let them know. Of course, this requires good ethics. Of course, don't keep the books forever, just as long as you need them, pay for them if you damage them, etc. Good investment though. Especially if you don't want to purchase a book just to read a certain part. It will also be nice because a lot of libraries don't have books on specialized subjects.
As far as our library goes... we rent a building for our meetings and store our books at the building. Since we don't have a set place for our meetings, that could be a little tough.