In this paper we study a generic model of a multi-photon system with an arbitrary number of pumping and subharmonics fields. This model includes measurement on the system, as could be direct or homodyne detection and we demonstrate the existence of dynamics in the context of Continuous Measurement Theory of Open Quantum Systems (see Refs. 1-11) using Quantum Stochastic Differential Equations with unbounded coefficients (see Refs. 10-15).