Do i need a seperate dedicated machine to run osx server or can i use some features running it from my MBP
You don't need a dedicated machine, as server can be installed on any machine providing it meets system requirements without much change to the actual system, unlike the older osx-server, but it's probably a good idea.

I have installed Server.app before on my MBP to test some features and its worked fine for this. The only problem with installing it on a MacBook is that when the machine is off, the services on the other devices start throwing errors as they are unable to connect to services which they consider should always be available. For instance, Profile Manager can set up MDM on iOS devices, which works great until the server becomes unavailable unexpectedly (the device can connect to the network) — errors ensue.

Obviously other features such as Websites won't work if the machine is down, but this should be fine as you mentioned you won't be using such services.