If one of you could make the trip that's fine also, I'm living in a house right now that I didn't inspect myself. I just saw the pictures and listened to the explanations from someone I trusted.
I don't know much about the American housing system but why pay rent when you can pay mortgage right? When renting you're just throwing money into The Abyss (trademark james cameron). The trickiness comes from the dynamics of 5 parties owning the house, can these people be trusted in a long terms? Will someone get wet feet and want to drop out... etc. You would need contingency plans.
The third option is the reality for most university goers! Strangers are fine most of the time, or maybe I was just lucky. Invite the two bio girls and your friends to go eat or something if you want to get a better grasp. I must have lived with about 12 strangers so far, sure they come and go but I was friends with most of them when we lived together. Just sign a 1 year contract, if it doesn't work out find somewhere else for your second year (assuming this is your first year of university).
option 1&3 are the perfectly normal and won't be too much different, if you can pick 1. Option 2 is a little wild, you will need listen to and trust your parents on that one if you think of doing it.
Of course this is just for consideration after-all like JamesCameronScholar my expertise lies in the field of James Cameron, in life sometimes you got to do things that seem a little scary at first. I was shitting it when going to my first year dorm, never having lived away from home or making my own dinners / washing my clothes / paying bills, but it's all pretty easy and it all went dandy.