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VRR pretty much outlined it, but to add to his post - the local residential network is simply not set up to act as a data center, so performance, as well as reliability, would be far below substandard. If you're looking to do it non-commercial, that means you can't make a penny off the site - even through ads.
I think going with a hosting company would be your best bet. If you're worried about using a provider, some hosts offer options for colocation at data centers.
I'd be happy to talk to you about your options (I represent MojoHost, so please reach out via any of my contacts in the sig). It may be that a VPS will be a good choice to start, though of course, any larger membership site would eventually require migrating to dedicated servers or more complex virtualized environments.
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