Also, I was intending on house Hacking to reduce my current housing expense. 

As you know that can be involved and is often a stressful time so identify specifically who will (or won't be doing) during that time period will be important and may sway the equity split.

I can’t stress this enough STAY ON THE FORUM there is so much info to learn just from these forums what ever obstacles you face someone has been through it.good luck in your journey!! 

Starting out, I think we would manage the properties ourselves to reduce expenses. 

It's stress and worry and the human element.

If you purpose of moving into the LLC prior to selling is some idea that your tax exposure will be reduced, you are incorrect. an LLC is a pass through entity and it is not a tax shelter for your sale.

Reducing commissions doesn't always net more money for you.   

Banks like to reduce the risk as much as possible.

The down payment may be larger, but that reduces the amount of the principle and interest anyway. 

I've explored the cost and the requirements both personally and professionally as a site and land use civil, and the biggest savings is in reduced construction time.