All you have to do is checkout a copy on your web server from your local machine. You may have to change some settings on your router so that the port for svn goes to your computer on your local network. Also set a domain or remember your IP address (outside of your local network. The one the internet sees).

So you do a checkout using the IP to your local computer. After that all you need to do is a svn update to update your website.

Easiest way so you wouldn't have to mess around with IP address and routing ports is to setup SVN on your VPS and use that as your SVN server. Then your production box is checking out from itself and your development box is checking out from the VPS.

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Eric