Bid day question

Number 2 would get you. Whoever has you higher on the list.

If your #1 put you within their quota list you will end up there no matter what your #2 ranked you. If your #1 did not put you within their quota list and your #2 put you even one spot higher than your #1 you would end up at your #2.

If you only pref one and you are not high enough on their list you risk the chance of not getting a bid at all.

The algorithm starts at the top of a sorority's ranked bid list and tries to match with the pnm's who put them at 1. If you are high enough on your 1's bid list to match before they reach quota you will get a bid from them. If not, the algorithm will try to match you with your 2. If you are high enough on their bid list to match with them before they reach quota you will get a bid from them. If you aren't high enough to match with 2 either, you will be a quota addition to either house. The algorithm will try to place you with your 1, but will also consider your place on both bid lists, the number of quota additions to place, and the size of the chapters.
This is how you are guaranteed a bid if you rank both houses.

If you SIP and you are not high enough on that one house's bid list to match before they reach quota, you are out of the process and will not get a bid at all. No quota additions for SIP.

If you only have one house for pref then you can 100% have that bid.