If you want legal advice, you should consult an attorney. You could go through the effort and expense of setting up an LLC only to be disappointed to find out you have made a mistake and don't have the protection you thought you had.

You didn't state your reasons for wanting an LLC. Are you concerned about being sued if someone gets hurt on the job site? Are you concerned that the house will collapse on the buyer, resulting in a lawsuit?

One thing to consider is that the LLC as a new entity will have no credit record and it will be very costly for the LLC to borrow money.

I'm starting to think that a homebuilder forum or a legal forum would be a much better place to get the answers you need.

To vividreamer:
The profits and losses of an LLC "pass through" to the owners and typically do not confer tax benefits.

P.S. If you haven't already, you might want to also post in the Business Law section of this forum.