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Before the discussion gets too serious, there is a lot that needs to be checked. First, your chapter adviser/ housing board needs to be involved. This is more than a bunch of friends renting a house together. Zoning needs to be checked. Fraternity/ sorority houses may be classified differently than a simple 'multi-family' dwelling (apartment building) or standard residential which allows multiple unrelated persons to share a dwelling. Even if a fraternity used to live there, did the zoning change when they moved out? Are there rules which forbid off-campus sorority houses? That could come from the town, or from the university.
If you are calling this off campus residence the ABC annex (that is, an official residence of your chapter), how will it affect your current on-campus house? You may be able to rent the house and live there, but would you be permitted to hang your letters? Hold meetings? Recruitment events? Social events? If you have an on-campus house, will you have sufficient interest to fill both? Remember that if you rent the house in the name of your organization, and hang up the letters or use it for official events, all of the same rules will apply.
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