allow registered users to contribute to the site

Hi guys, I need some help.

I am building a WP site that has a requirement for three types of users (A.)admin (B.)registered users and (C.)visitors.

Each registered user (B.) has their “own page” where he/she can post their own text.

Each registered user (B.) is approved by an admin (A.)

Content of each member page (B.) is editable only by the admin (A.) and/or the registered members (B.).

Visitors (C.) can read-only the posts made by registered users (B.)

e.g. Admin receive a registration inquiry and confirm “a page” for John. John can log in, write a text, add pictures etc. -essentially he can edit the content on “his” page.

How can i achieve this? Is this possible out of the box with wordpress? Are there some available plugins? Or should I rather build the system from the scratch?

Thank you very much!