Hi
If it is a long time since you have had a puppy, then I would suggest you start off with a crate and see how it goes. The downside is the crate takes up a lot of room, but the upside is that the puppy always has somewhere safe, away from the kids and their friends. IMO it is easier to tell the kids the crate is a no go area and the 'puppys den', than a bed in the corner.
The crate can also be moved upstairs - next to your bed to start with, so you can reassure a worried/lonley puppy (putting your hand on the crate and saying 'settle down'), for the first couple of days, before moving it across the room, onto the landing and then, all of this over a period of a couple of weeks, down stairs and into the kitchen, without the dog being stressed and the neighbours complaining!
If you give the puppy a last wee/poo around 11/12ish, it should be OK until around 5ish, but when it wakes up, carry it down stairs - don't let it walk, or it will pee on the way!
There is a lot of information about crate training, the important thing to remember is that it is a 'good' place, don't shut the puppy in straight away and never send the dog into it for being naughty - although I could think of a few times I wanted to send my dd in there !! (joke!!!!!!).
Despite what anyone says, it does help with housetraining, the theory being that puppys need to pee every hour or so, they need to pee on waking, usually after eating etc., when you put your puppy outside and it doesn't go, you bring it back in and put in the crate (you have trained it for the crate first), the puppy will usually not mess in the crate and you know it won't wander off and pee/poo behind the sofa, because it can't....you wait 10 minutes, put the puppy out again and continue this, until the puppy 'goes', you then make lots of fuss of the puppy and it can come in and you know you are safe for puppy to wander freely around for another hour or so and the puppy starts to understand what is expected.
There is a great book 'The perfect Puppy', by Gwen Bailey, which is excellent for the basics and has great pictures for the kids to look at too.
You don't always have to shut the door to the crate, but you will find your puppy will naturally go in there when it is tired.
By the way if you visit your puppy before you get it, take an old towel and ask it to be put in with Mum and then bring it back with your puppy when you collect it - it will help the puppy settle the first few nights.