Hi,
Well then you will have to be sure that everyone is on time, most with a basement space from my exp. only open the during pick up and arrival. Say for example, everyone is at your home by 9:30, (you don't have any "late arrivers do you?) then using the living room while waiting for your day to start is not unreasonable.
But for sleeping, can you "disassemble your area?" or are you planing on leaving it up?
Yeah for sure baby monitors are fine, but you just needd to make sure that they have a good "range" so that the tykes can be heard.
Will you have a bathroom?
How will you handle changes?