Setting up Unreal for a Team project?

Hello. I am wondering what the workflow and installation setup requirement is for myself and other subscribers on my team to use Unreal in a collaborative environment? I’m getting a WD EX4 Cloud Drive for central storage of our assets, and want to know if we can install all of our project information on that drive so that we can work remotely with live updates? I have no doubt that team collaboration is possible, but what is the workflow for it?