Right, so HYPOTHETICALLY....
Staying in a bedroom and renting out the others is part of the the classic "house hacking" that gets talked about on the podcast all the time. It doesn't seem that far-fetched to sleep on the couch in the living room (or on one in a very large closet) and rent out the bedrooms. As far as the semantics go, the lot is part of the "property" so you're still occupying the property if you're living on the lot but not in the physical house. I think that part is going to depend on the specific language in the contract. But dude, one bathroom is rough to share between four people in their 20s, so think long and hard about that.
As for down payment assistance--just call the state agency and ask. You shouldn't have to give your name or anything, and I'm sure they'll have more accurate information that anyone on here can give you.
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