Short term rentals are only available to owners in PG County. 

How are you getting along in your preparation for the upcoming PG County tax sale?

The land was enough collateral but we did have to PG ..

https://www.phila.gov/CityPlanning/resources/Publi...pg 40/41"[1] When the proposed use is in an attached or semi-detached building, the household living use regulations of the residential district to which it is attached apply.

You said you live in Austin, no better way to learn than directly so, there is a syndication group Viking Capital LLC, that is buying/raising for a 252 unit property in NewBraunfels, about 45 min south of Austin, watch their webinar at their website below and they have an 82 pg slide show as well, then take a 3 hour trip to go see it, walk the property, go into office ask about the units available/leasing how the market is from the office staff, look around for quality of property/deferred maintenace needed then drive the area for other competitor properties.

Not looking to beat any other term sheets, will keep lending to existing customers, but very skittish for new borrowers.I have two PG loans, due in 2026 and 2027, but not balloon, just rate adjustment.

Your contractor may help if they have done flips themselves and are okay with being a PG on the loan and member in the entity.

I've heard that in 1-2 years the PG can be removed, but I've also heard it cannot be done. 

The lender isn't bound by your operating agreement, they are bound by the loan agreement, which will most certainly say that you each are jointly and severally liable (which means that each of you and all of you are responsible for the whole deficiency--basically whoever they can get to first, or whoever has the most assets for them to seize).This is why a wealthy person wouldn't want to sign a PG with a broke partner(s). 

An experienced borrower with a PG will be a lot more stable than a first time fix and flipper.