I'm very serious with real estate investing and treating it as a business with the intent to scale :)

In addition to the return components of the strategy, one “asset protection” feature that I’m “using” is intentionally keeping the properties highly leveraged (80% LTV with no immediate plans to accelerate payments).  

Don't tell them you'll buy the house if you have no intention of buying.

Im thinking It's too late to file a new LLC in time for the escrow, but I do have an S-Corp available that I can use... the only rub is it sounds like a real estate company so not sure if I can get away from being assumed as a "dealer" with the intent to flip.  

She started renting it out to her son and his roommate with the intention of selling it a few years later to pay off debts and retire. 

I had to write a letter of intent and submit that along with my resignation paperwork when I applied for the loan, which fit the requirements of the VA given my situation (purchasing a home outside of where I resided at time of loan application/purchase). 

Or are your clients being up front about all of this and disclosing their intentions to the lenders from the beginning?

I have an opportunity to purchase a 4/3 property in the town of Black Mountain, NC, just outside of Asheville, NC.We have the intent of renting this property out short term and occasionally using it as a vacation spot.I was hoping to get some input and opinions on the financials of this deal to ensure my head is not just in the cloud and that it actually has the ability to pay for itself and potentially provide some cash flow.

All either currently being rented or with the intention of being rented.

No, not being intentionally dishonest, just stretching outside your comfort zone.