I've only tried this once when doing
The Sims 4 Three Little Sims Challenge. It's a fun challenge, but the creator abandoned it in Feburary 2017. It hasn't been updated since October 2014, but @EuphorialQueen made the last post on the thread in December 2017 saying he/she was looking into doing updates for it on their forum.
There's another one called the
Tiny Living Challenge which uses the concept of ending with at least three generations of Sims living in 5x5 houses on the same lot. But again, it doesn't appear to have been updated since 2015 and the last thread post was in April 2018 with unanswered questions.
I've tried this one too, it's equally fun. Both of these could be played as is or play using your own discretionary updates for any new packs added. There is one problem though playing with more than one family/house on a lot, at least currently in my game. Locking doors doesn't seem to be working right now. I've locked doors in my most recent game save, and locked out Sims just stroll in those rooms anyway. It's a known glitch/bug though from my understanding, so hopefully it will be fixed in a near future patch.
I would love it if we could play more than one family per lot with separate funds/bills per household. The biggest lots just go to waste in my game because I don't use them. For now the reason is because of my underpowered laptop, it can't handle large builds with too many Sims. But for in the future when I get a new computer, it would be wonderful to have this option, and, of course, for the use of everyone else who could play that way now. :)
Happy Simming! <3