If you are a startup, working remotely is not a good option. It is even worse, if your co-founder is working remotely. Startup is not just about getting things done faster. It is about validating if your direction is right. To do that, you need your team with you for brainstorming and moral support.

If you want to save cost, you should move to the remote location where your team is, after raising some money in the valley.