I'm counting on human honesty. If that can't be trusted then maybe a gps tracker attached to the system.

There are communities who do do this. I wish I had actual references to point out, but stuff like only having one or two lawnmowers for a neighborhood does happen. It's a cultural thing more than a business opportunity.

OTOH, what if you looked at this from the perspective of a dating site? The goal isn't merely to collectively own a thing; it's to find and meet people who you could get to know well enough to trust and participate in collective ownership.