Given the details here I'd say no, you should take any development thoughts off the table because to do that is not something one simply learns over night, there is a lot to it. $209k is very cheap for 40 acres, so that offer could be a person interested for hunting land and nothing I'd get excited over, and I wouldn't assume it means anything other than you could sell it for $209k. 

Muskoka is a very unique market in it's own.

And they had a placard on the entry table that said no one is perfect but we do our best please leave a 5 star review!

I'm currently doing a cash out refinance and taking about $300k in equity while leaving equity on the table still so that it cashflows whether it's rented out long term, or as an a short term.

Refinancing a hard money loan to another hard money loan is not easy and may require the borrower bringing cash to the table if the ARV does not support the rehab budget and loan payoff amount.

Do roll out tables. 

Definitely a unique position to be in. 

I was ultra conservative in that I did not max out the equity available to me but left some on the table for the in case scenario.  

If it's just speculation, start by reviewing the law to see if there are any unique requirements for a business.

Your record of this deposit (via teller slip or online transfer) will be your receipt of payment.This elimates complextity and the additional steps/rules that come with using a third party to collect rent.I get an email alert when a tenant makes a deposit, and each rent amount is unique so I know who has paid in case they don't have the teller add a memo to the payment.They can transfer funds online, or walk in to a local branch with cash, personal check, wampum, etc.