Yes, but most likely it will be much more limited than other servers (don't expect to invite 25 people on to your server). You will need at least 4GB of RAM, though 8GB would be highly recommended specifically allocated to the server. You need standard hardware for everything else and decent internet (15GB/s dw, 1gb/s upload minimum, I'd recommend at least 30gb/s dw, 4gb/s up for a small amount of players. The process for setting up your own personal server is the same as any other server. If you don't know how to start a basic server, you shouldn't be making a modded one.