MakeMKV free to rip the blu rays, most hard drives will do fine, New Egg has good deals 2tb or 3tb. Make sure you are hardline network, wireless will not work for BD.
If you are planning on putting the rips on the HDD then you are fine, if not you will need to research networking a little, file shares, security access etc.
The is also potential of windows shares (SMB) not working 100% on high bitrate content (3D and some non 3D in my case) If you have that issue you need to use NFS shares and then I have not had issues on any content.
I you are not sure what I am talking about I would suggest just putting everything on the HDD you buy. If you want to really go down the rabbit hole, I would build a unraid server , they are awesome!!