Assume for a moment that the situation exists. How it comes about is beyond the scope of the question.
Assume also that the outer body is thick enough to generate the gravity to keep the outer biosphere from floating away, while thin enough to leave sufficient space between the outer and inner bodies. Both bodies rotate and have centers of gravity. Theoretically, as long as the centers of gravity coincide, the system will remain stable.
The main problem is, interesting systems are dynamic, not static. A habitable world will have tides, magma, tectonic activity, and other disturbances to the equilibrium. It's possible the system could have a strange attractor (see chaos theory) that it tends to return to, in other words a self-correcting wobble.
In geologic time, though, it's inherently unstable. Rotation rates change, things shift, outside forces interfere. A moon, for instance, would unbalance everything. Several moons, on the other hand, could make it more stable. If you could adjust the trajectory of one or more moons, with some furious hand waving, it could work.