Location shouldn't be a problem as long as all of you share similar zeal, passion, vision, and intent to grow the business. But, do take your time to analyze the goodness of fit. I've seen people taking such decision in haste, only to waste the most precious thing a startup possess i.e. time.

To be present in the right market and under the same roof does help you to plan better and practical. Staying at home syndrome could prove fatal down the line and may frustrate everyone in the team. I've seen early entrepreneurs using modern cloud and digital technology as an alibi to justify staying at home syndrome. Ensure you don't make the same mistake. Let me know if I could be of any help to read between and behind the line. All the best!!