Create DMG on NAS to use HFS

Is it possible to create a sparse disk image (DMG) file and format this as HFS+ on a NAS device? Could this then be automatically mounted on one or more Mac computers running Sierra and used to host the Photos library? I understand Photos is not normally supported on NAS, partly because of potential performance issues, but also because a NAS file system is normally not HFS+, which Photos requires for some features (like iCloud synchronisation of photos). Is this a way around the limitation?