@Brian DudashThere are several considerations that can go into the analysis of whether you need an LLC or whether a large insurance policy will suffice.

What considerations did you miss?

I'm not sure if we're underpriced or not, I know that we took @Lucas Carl recommendation of looking at our competition around us to include his cabin :) and used that as our guide for our pricing to stay competitive, though a number of the cabins within a mile of us (not including Lucas's) are considerably higher than ours, but they fall on the ridge with wide ranging views compared to ours, hence the higher prices they are charging.

Dooley, that is one element that I am definitely taking into consideration.

I'm not sure where to go or what other lenders could be approached that may approve a higher mortgage (TD is typically very conservative) I'm open and grateful for all ideas and considerations for the best ROI and cashflow. 

The lease runs through April, then it will go to a STR and will increase rental amount considerably..

I’m gonna go and find out what that means lol.So are those the only things I should take into consideration or are there other things I should take into consideration..?

Yes, equity and what the seller owes to the bank are connected, but that's not the main consideration in a wholesale deal. 

(I will admit my number has dropped considerably over the last couple of years!) 

This was during the recesssion and the property value had dropped considerably.