Spec Build - should LLC file under S-corp?

[Drew Dim]

so I've filtered through the archives and didnt see an exact fit to my question so here goes.

I have a lot that will have potentially 3 spec homes build on them. The 1st is under way and will be completed Jan/Feb of 2015. The 2nd will start and finish in 2015 leaving me with a potential gross of $200k+ I have a W-2 and the properties will be build under my LLC.

I've heard that the profit $100k per build will go attached to my normal taxes as earned income ONLY I would also be taxed under self-employment and the "new" Obama tax!  

(per 2 CPAs)(Yes "we" can) thus taking a substantial hit on the profit vs. the normal "earned income tax" like I originally thought.

Would it make sense to have the LLC file under an S-Corp in 2015 in preparation of selling 2 houses, pay myself 1/3 profit as salary, then the other 2/3s would stay in company/ and eventually be paid as dividends thus saving from self-employment tax/ Newere Obama Tax and possibly if held for over 1yr tax drops to 15%?

I don't care to walk a grey line and risk anything w/ an IRS audit, but want to save as much $ as possible to throw back into more growth?

(Too bad 1031s arent an option)

Also if the land was purchased at $20k per slice/lot and i valued them as $50k once sold, would the sell of land be taxed as a straigh capital gain and not be subject to these other taxes?

Any initial guidence would be appreciated as I will be working w a CPA, just want some initial feed back.

Thnx

Drew