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. 

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.

I don't think I would trust a renter with a fireplace but I have been in mountain cabins where they have them.

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. 

My thoughts were to build a terrace on top of the 2-story building for views of the surrounding mountains.

@Jim Stoffey  I do a little bit of this type of work... and from the Money's side of the table they are taking all the risk,, you simply risk time.. and if the deal is that great it will all work as long as you trust them to be fair and honest...

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.  

They have told me that they have lost their deposits over really minor things like cig butts in an ashtray or empty beer cans on a table.