I don't see anything about the university explicitly forbidding them online. Unless you get a significant number of members who weren't former XYZs I don't think people will see y'all as anything other than "the new club of former XYZs". Are you able to still rent and fill the house or would you not be housed on campus?
I think what you're doing would fill a need. Delta Nu Zeta at Florida State and the University of Florida and Xi Delta at the University of Georgia are other locals at schools similar to yours that you might consider reaching out to. I believe someone on here is a member of Xi Delta?
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