kids live in house, we cycle out?
Financial... .Are you two independently wealthy? Most can't afford it. If between you you can't easily have 3 homes, then this sort of in-out won't work for long. This may be a variation of
helicopter parenting, parents always jumping in and out.
Relationship... .The consensus here is that it's not a good idea. You may think it's best for the kids not to go back and forth but really it's is good for them. How so? They go between Dad's home and Mom's home. Children need anchors in their lives. As much as we may not want to disturb their lives, it's the children that need to transition, not the parents. Also, going between two homes helps the children to accept the finality of a divorce.
Future... .What if Mother or Father or both start other relationships and marry in the future? Do the spouses, step-siblings and half-siblings move in and out too? That's another reason why parents cycling in and out is not a long term solution.
We've had thousands of parents join here and I don't remember any doing this, at least not for long. The question has of course been asked before. Maybe some did, but it would have been very few.
As for 50/50... .my Custody Evaluator expected 50/50 but warned a 7/7 schedule with our history wasn't good until the children are about 10. At the time my son was nearly 6 years old so we did a 2/2/3 schedule where my Ex had Mon-Tue overnights, I had Wed-Thu overnights and we alternated the 3 weekend overnights.
So your thoughts of 7/7 could be okay. It would reduce the number of potential opportunities for confrontations. Also, you could probably make most exchanges through the school, such as Monday am the kids take the bus from one parent's home and Monday pm take the bus to the other parent's home. Or pick another day of week that works for you. I used Monday (that day is more likely to have holidays) rather than Friday since you don't want the children to arrive late or in a foul mood just before a vacation or other weekend event.
If you would have equal time, then who would be the Residential Parent for School Purposes? That person's residence would determine which schools the children attend.