Not to be a pessimist, but I learned shortly after high school to never do business with friends or family because you'll either lose friends or you'll lose money. It sounds like an awesome idea for maybe a pair of friends, but more people add more complications. How will everything be split? A lot of people want to do things like this, but it's the other people that end up footing the bill. Hence, loosing money or friends. The same goes for any commune. They work until people stop working. You may have the best friends in the world, again, I'm not trying to be a pessimist, just something HUGE to consider right off the bat.
Whom will pay for the bus?
Whom will pay for the conversion?
How will everything be split up?
Will some be mad they are doing more work that others?
Does everyone have a job that they can contribute a huge majority of their paychecks to?
How will gas be split?
How fill food be split? (a big issue in dorms)
How will you decided where you're going?
Anyways, good luck with everything. I will definitely be following this if you plan to take it on.
I wish I had did it sooner, just with myself though.