A big +1 to everything @akgill said.
As to your specific problem, you do not need to provide any properties at Entity instantiation, or you can provide some or all.
I am not sure what you are referring to when you are talking about "null" or None.
Any way to add students you need to provide a list of students in the constructor call, or use append
cls = Class()
cls.students.extend([list of student keys])x