Facebook recently released a new feature "Shared Albums"
When you are creating an album, you can have your friends' share their images in your album. They can also edit your album. The album will be available in their timeline as well.
You will be the creator of the album and your friends, you give access to, will be the contributors. Contributors will be able to add photos and edit only photos they added.
You can invite upto 50 users to your shared album and everyone of them can share upto 200 photos.