To avoid the sidecar issue, you can also use DNG files (convert to DNG on import). LR will write the information inside the DNGs instead of creating an additional XMP. It's an additional step either way, but I wanted to throw it out there as an option.
Something else to keep in mind is that if you do labeling on one machine, and expect the same labels to carry over to the second, you need to make sure that both the color and text description are identical. Two images with a "red" label won't necessarily be seen as having a "red" label if the descriptive text associated with each is not identical. I learned this through trial and error (ok -- mostly error).
If you rely on flags, LR will not write that information to XMP (or DNG). In that case, you need to do some sort of variation on export to catalog. I don't remember if the same applies to collections off hand, but I think that it does.
In the end, depending on exactly how you work and what features you use, you may need to approach a two machine solution in different ways. My suggestion is to make sure you do some preliminary testing using your workflow in a small scale, and include a checklist of things you want to make sure carry over.