No, playing with multiple lots unless they are right next door to each other or something like that can be really awkward. The entire household lives on the primary lot. You can use creative door locking techniques (with or without our GoHere mod) and bed assignments to keep the segments of the active household somewhat separated, but Service Sims, party and other invited guests, resets will frequently put your sims on the lot you didn't expect them to be on. The refrigerators will still share contents, mail will only be delivered to the primary lot, etc. Owning multiple lots can be helpful in some instances, for example if you have a large number of animals you wish to keep together, but it's not a very well thought out or developed part of the game.