As a rule, you should always use the same build of the engine for everyone to avoid any versioning conflicts. You can store the engine side-by-side with any games you work on - that’s what we do internally at Epic. In the root of your engine directory you’ll find a .uprojectdirs file, which lists all the subdirectories that the engine will look for to find projects. It contains “./” by default (meaning “look for projects in the same directory as the .uprojectdirs file”), so you can just put your project folder next to the Engine folder, and it won’t prompt you to keep updating the version whenever team members sync the latest project in the future. We typically mask out the source folders for artists, so they don’t have to sync all that stuff.