I'm using one of those Intel Atm £2.50 OVH dedicated servers for exactly this. It works pretty well, but I've had issues when syncing files that change often.

I'm using one of those Intel Atm £2.50 OVH dedicated servers for exactly this. It works pretty well, but I've had issues when syncing files that change often. I've switched to using ownCloud for documents and other rapidly changing files, and BitTorrent Sync for large folder backups. It's working really really well. ownCloud is 100x better than it ever used to be and installation was a breeze.