I would say, Drawmack, that the 'taking turns' DMing can work. There is a style of play which Ars Magica calls troupe-style play, where everyone plays and everyone DMs at different times. True troupe-style play is a lot of work, since you need to lay down ground rules as to how plots and characters interact. It also means accepting that sometimes you'll need to conference as players to settle tricky rules points.
However, what you are talking about could be handled more simply. Each of you is DM in turn and handles the module. At the end of the module you hand off and also hand over any eprtinent notes relating to the events of the last module (stuff like lingering curses or enemies made, etc.). I think you'll want to have a chat at the start to set up some ground rules for the setting - even a basic idea will make staging the modules easier.
Two things to bear in mid:
(1) you'll both likely have a DMPC - that is you'll probably want to continue running your PC whilst also DMing. Contrary to what some people say you can manage this, but you'll have to be careful about favouritism or railroading the other players.
(2) When a House Ruling is made, you'll need to keep a note of it. The truth is we tend to remember rules that are pertinent to our own characters, so you may well forget rulings made when you were playing once you come to be the DM.
Finally good luck Drawmack! I hope you get the game you want.