A few years a go I co founded start-up in the US while living in the UK. The other two founders both lived in the west coast, and I worked remotely. In the beginning it was fairly straight forward as it was only the three of us and another contractor from Russia. I developed the app, the contractor developed a component we needed and the other two were busy getting the business side together. When we got funded things got more serious as suddenly our little startup became a bigger company with offices and employees etc. I would basically do a 9-6 work day, and the Americans would clock on at around 5-5:30PM. We'd have a little overlap to talk about what's new over skype and I'll clock off. That was the theory of it but in practice I ended up chatting to them on skype at various hours as they sometimes needed information from me. This worked OK for me but I personally like being in an office and interacting with people. You become a recluse when you spend your days cooped up at home. Having said that, today I still try to do at least one day of home working to keep a balance between home and office.

The main problem I found in remote working are distractions from family, kids etc (who forget you're physically at home but mentally you're not), and a side effect to that problem is that because you sometimes get gaps in your workday you end up stretching the day into the night, blurring the boundary between home and work time.