As some have already mentioned info regarding security I wont add to that.
The other thing you should consider in my opinion is the legal side of things. Depending on you jurisdiction, you as the operator of the instance may be held accountable for the data it stores and serves. This means that you may be liable for both possession and distribution of illegal contents. I am not knowledgeable in regards to laws that cover moderation of content, but I assume you will be required to remove any such content if you gain knowledge of it. Again, this depends entirely on your countries laws and regulations but also on the laws and regulations of the countries you make your service available to.
Please be careful with hosting public instances. If anyone has more insight to this, please do add it and correct me if necessary.