Cover everything and seal off anything you don't want to get dusty with plastic (I'm actually enclosing the entire rooms perimeter in plastic). Because unless you are a real pro you'll be sanding and that dust is so fine and goes everywhere.
If you already own a shop vac go to HD or a similar Home Improvement store and pick up a vac sander. It attaches to your shop vac and sucks up the dust as you sand. I paid $20 Cdn for mine and I'm in the process of finishing. I'd say that this thing picks up 99% of the dust. Well worth it IMO.
Also, you'll want to get a drywall foot jack. It will allow you to lift the drywall a few inches off the floor easily. It can also be found at HD in the Drywall tools section.
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