One of my friends in college was a small-time party organizer and I helped him throw a lot of parties. Best one that I can remember was a party inside of a private housing complex, complete with gate and guard, lol. Throwing a successful party is lots of fun, but cleanup afterwards can be a real pain. So more often than not, we tried to throw parties in places other than where we lived, lol. At least for big parties.
As for cops raiding the party, I learned a very valuable lesson for escaping. If the cops come for more than breaking it up, i.e. looking for people to arrest, then you stay close behind someone. When a cop appears, then you push the person in front of you into the cop, and you run like mad. Hopefully, the cop will grab the person you pushed and ignore you. Fortunately though, about 90% of the time, university police are only interested in ending the party and sending people home.
I've even had one experience where the cops who came to a small party for a noise complaint initially. The officer in charge though, saw illegal drug use firsthand when he came inside (some idiot came out of a room with a bong in his hand), but he just told us that we need to keep it quieter and send some of the people home. He warned us that if they have to come back for a second noise complaint, then he'll come with lots of officers looking to arrest. That eased some of the tension, and one of my friends even offered him a beer, but he chuckled and said next time.