Definition of live out:
(v) :
(intransitive) To not reside on the premises of one's employer (used especially of domestic staff such as nannies, cooks, maids, etc.)
(v) :
(transitive) To fulfill or act out a dream or fantasy or aspiration.
(v) :
(transitive) To pass time or to pass the remainder of one's life, especially in a particular place or situation.