Over the years, I've admired teachers who could manage individual book boxes for each student. I'm really a simple girl (and I can never figure out how to manage all the book switching)...so in my room it goes like this.
1. help yourself
2. read it
3. put it back (nicely)
The bins I use are from Lakeshore. I've had them for 6 or 7 years and I've never had one break. I have 1 or 2 bins full of books at each level. There is a color coded sticker (to match the leveling system we use at my school) and a label on the front of each bin. Each of my students know which level they read at independently and they simply get their books from that community bin (until I reassess them and they move to a new level).