Find a place to throw your parties. Ideally, there will be a place where parties are most acceptable in the area, so locations will already be narrowed down for you. In any case, there are several factors to think about when deciding whether a house is suitable:
Size of party space in square feet (basement, etc).
Proximity to campus, this should eliminate any possibilities of DUIs, everyone should be walking.
Bathroom locations, window locations, entrances (an entrance from the back yard, directly into the basement, and a bathroom in the basement is ideal)
House layout and flow.
Strength of walls in party spaces and ability to withstand damage.
Nearest Police Station, just in case things get out of hand and you need help.
Central Air Conditioning (nice to have).
"DJ Booth" location (should be inaccessible to guests).
2.Prepare the house Preparing the house is something which can save you time and money. It cuts down on theft, damage to property and unwanted guests (police, campus officials, undercovers, hookers, drug dealers, etc).
All rooms which are not party space should have pad locks installed, this includes the "DJ Booth" if you are using a room for that purpose. This especially references bedrooms and bathrooms which you do not want guests using. These keys should be kept on your person for the duration of the party. DO NOT give special treatment to any guest (ie: to use the extra bathroom because the line is too long), you will regret it. Do not give in to women who try to get you to give them special treatment, everyone will want to use the clean bathroom next. If guests nag too much for access to the rooms, give the keys to a neighbor or trusted friend who is not attending your party.
Anything which you would mind having stolen, broken, or destroyed should be moved into a locked room. Anything which someone could injure themselves on, or use as a weapon, should also be moved.