You would also need permission from the College/University that the chapter is at assuming you want to keep the house on campus.
My campus has no greek housing as far as houses go, we have designated floors in the dorms. Supposedly those chapters that are first to come up with the $40,000 deposit will be first to get real housing, and ground will not break for such housing till that has happened, or so I keep being told(far from happening anytime soon).
Money,alumni support in the area, university cooperation, and potentially help from HQ are going to be HUGE factors.
Good luck to you
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