I worked from home for a startup (as a contractor, wasn't invested in the business at all) that had no office. In this case, the owner and other programmer were

I worked from home for a startup (as a contractor, wasn't invested in the business at all) that had no office. In this case, the owner and other programmer were in the same metro area but, after a few initial meetings, I met with them in person less than once a month, on average. I can't say its ideal, it did annoy me having to always be on the phone with him, etc but he had a somewhat abrasive way of dealing with people to get his way so I'm not sure that this sort of setup would necessarily preclude success.