This system already exists in Israel.

There are Kibbutzim, full blown cooperative communities spread across the country (which were the initial backbone of the country but have decline over time). They share income depending on the Kibbutz, but some of these communities are very productive and very well off.

There are also Moshavs that aren’t quite as collective but still cooperative. Everyone in the Moshav shares a fixed piece of land in the community but production and income is controlled by the individual laborer. However, the community will still share costs together, like machinery, supplies, marketing of output.

Both are 70 year+ running models and proven to be successful no reason they can’t everywhere else.