You can live wherever you want. You are responsible to be in place at your domicile (1 of 5) at the start time given the night before. If they need you at the satelite they will move you there that first morning.
That's not exactly correct. If they need you at the satellite in the morning, that's what they'll assign on your briefing, and
you will drive yourself there (prior to the start of your duty period, and in your own vehicle) for your report. The company will return you there at the end of your tour to get to your car.
It's totally at the company's discretion which of the two airports you'll report to, unless you live more than 90 miles from the satellite -- then they can only send you to the domicile for your report.
Thanks for the reply. I can live an hour and a half from either TEB or PBI and didn't know if this was realistic.
Totally realistic. I live near Orlando, about 3 hours from my base in PBI. Works fine, although an early morning report is a pain. You'll be briefed by 6pm the day before your first day as to what your report time is, and at which airport (domicile or satellite) you'll start your tour.
In my case, because I live more than 90 miles from FLL (which is the only satellite for PBI), I can't be assigned to it. If they need me in FLL (or MIA, which happens a lot), they'll get me a rental car from PBI to FLL, and that drive will be part of my duty period.
Hope that helps.