Hi,

Installing the odoo in local machine or in a  server, both are stable, you can configure proper backup to some external source like google drive or sftp server, so you don't want to get worried of is something happened with the system.

If you install the odoo in your system and if you need to access the same system from the other machines in the same network, you can access with the IP_Of_machine:Port , outside this local network you cant access it.

Thanks