From a standpoint of practicality, you'd need to have something like this well-organized. You'd also want to keep it structured similar to an apartment, in the event that you had "tenants" come and go. It could be a neat place if done well.
This concept reminds me very much of the Coop I was looking at living in for a while. It was a communal living space carved out of a big old 3-story home; the residents were living together, with private or shared rooms and communal living spaces, paying off the cost of the house loan by splitting "rent" between the tenants. With 20+ people living there, they rotated cooking meals, various chores, and improvements on the house (people had positions where they were in charge of organizing things like grocery trips, repairs, etc.) and it was situated in the rural area on the edge of a college town, with all the comforts and options of both. Folks worked and went to school and so on, pooled their "rent" payments, and these were used to cover food, utilities, paying off the house, and for improving the house as well.
You might want to look at Coops as a model, if you're serious about pursuing this idea. Personally, I think it'd be really cool to do for a time, provided that I wasn't tied down with school. I might suggest Washington, on the West Coast, since it's got some beautiful temperate rainforests, mountains, coasts, islands, etc. as well as cities, and has a large artist and geek population.