Hi matty.
Octopi are better off kept in a species only tank. They require a tight fitting lid with no holes what-so-ever, they can contort themselves into very narrow shapes and escape the smallest hole. Good filtration is also a necessity. They require meaty foods such as fish chunks, cockles, etc. All pump inlets, plumbing to sumps, etc MUST be kept covered with mesh or such so they don't take a wander up them. A sandy substrate with some rockwork to hide in is also preferable as they are less likely to hurt themselves on sand and can sometimes be shy and like places to hide, hence the rocks.
An octopus should be seen as more closer to a dog or a cat than a fish, they are very intelligent (especially for an invert) and providing some form of mental stimulation in the form of food filled jars with holes drilled in the lids, etc can help curb bordom and, in some cases, self mutilation. That aside, it is fun for both parties and can make the octopus more friendly.
Most species live between 1-2 years, less if they breed. There are some which live longer but these aren't really suitable for the average home aquarium.
As for adult size of the octopus itself and the tank size it will need, that really depends on the species you wish to keep, there are lots out there ranging from a few centimeters to monsters (in all fairness, you are unlikely to encounter an overly large species in an lfs, but then again, don't be too suprised if your 6 inch in diameter octopus turns into a specimen a few feet wide - we all know the stuff ups lfs can make on occassion). Best suggestion I can make is find out what species are available to you and list them here and I will do my best to give you an idea on tank size, etc.