HomeKit using a generic “Family” iCloud account with invites for family members?

Question

I'm looking to setup HomeKit using an Apple TV as the hub. As I've been reading about setting this up, I've noticed it requires the same iCloud login across devices. Right now, our Apple TV has two logins (me, wife). When trying to setup HomeKit devices, it wants to use the active user on the Apple TV, which most of the time, is my wife.

I'd rather not use our personal iCloud accounts as the master login for this setup. Are there any best practices or guides for setting up HomeKit for a family?

My initial thought is to create a generic family iCloud login and from there, use an old iPad (logged in with the family account) to invite family members so they can have control of the various devices. It seems like a simple idea that should work but I'm not familiar enough with HomeKit to know what problems this might cause as the system grows.

For those of you using HomeKit, what household HomeKit strategies did you deploy and how has it been working?

Edit

In order to create a new AppleID for the family account, I need a phone number, but I don't have a number that isn't already associated with an AppleID so that idea is out.

I noticed my wife was added as the Default User in the AppleTV settings. I removed my wife's account from the AppleTV and added my personal AppleID as the default user. The Home app now sees the TV on the phone and desktop. On the AppleTV, there are settings for Photo Sharing, iCloud Photos, etc. but enabling them requires my password, as do Store purchases and Game Center.

So basically, using a personal login to set this up is really the only way to do this. Since I'll be the one setting all this up, I can add my wife back via the Home app. The kids can't access our personal settings or buy things without having our passwords.

Is this the proper way?