First, if I invite someone over I am finding out if they are allergic. If they are, I take it seriously which means I'd
rent an airbnb for the day so we could have the party and my guests could enjoy themselves vs sneezing, feeling choked, eyes watering, itching and feeling miserable.
If they are not allergic, they would be able to enter my home without being molested by the dog or bothered by the cats. Cats would be put in the garage for the duration of the activity. The dog would stay in its spot at the hearth unless invited by me to come say hello, and that is only if you want to say high and pet the dog.
It not only can be done, but it is just plain common sense and consideration. Also it is actually much cheaper to make dog and cat food at home vs buying it in cans and a bag. Also it is healthier for the animals which means no unexpected explosions in the house or yard, no yakking in the pool or on the carpet.
Owning pets is work, effort and a sacrifice of time that if done right can be quite rewarding. However if you are in love with the idea of it or want to get a dog to be a distraction/babysitter for the kids you either disabuse yourself of the idea and save yourself the grief, or accept the fact that your house is going to stink, you are going to rationalize what you actually can stand living in. The idea of piss and poop in your house will suddenly seem normal. And the idea of neighbors and visitors having any issues with your dog becomes a battle line that you mentally draw of how they are jerks and lack understanding.