Of course it could work. It could be awesome. However, it would be highly dependent on the choices of the individuals involved like any group living situation is. The same is true for families who live together or for college roommates.

I think the chances of success could be greatly increased if the home members had access to a facilitator with experience with bipolar disorder and if the members actively managed their symptoms with meds, therapy or whatever works best for them personally.

Of course it could organically work out on its own, but realistically speaking there are real challenges to anticipate. If I were considering such a home I would want those possibilities to be discussed openly and have a strategy for dealing with issues. For example, if someone is manic and spends all their rent for the month on a spending spree, what happens?