I do not know how putting the property into a LLC is going to keep it off the CSS PROFILE forms I’ve seen. It might be possible—I just don’t know. If it works, let us all know. Do ask your financial advisor if he can illustrate the differences in how the asset will and won’t show up in a sample CSS PROFILE Form IF he does a lot of work in this area, he should have some examples available to demonstrate. Make sure it’s a PROFILE form from a university that your student might consider.
My very good friend was shocked to find out that his investments in the rental market knocked him out of consideration for any financial aid from HArvard. Didn’t get a dime. Never mind that the rents generated the bulk of family income and to borrow against them wood erode retirement assets as well beverage more monthly household payments. The family income was well under what Harvard would subsidize but the asset values of the rentals knocked thst out of any consideration. Friend is very savvy about these things and couldn’t come up with a way to deal with this.
as @thumper1 says, when you own businesses, PROFILE can add back a lot of your business deductions and depreciation. The schools also can assess your business as an asset. It’s very difficult to estimate what your net price will be at schools when Fsmiky businesses and busines assets are in the picture.