You can do so, but it will come out in the financial aid process through the business/farm supplement. You still wouldn’t list it as a “personal asset” or whatever that section is called on the CSS (don’t have it handy right now). People do it for tax reasons – for instance, if there is an accident on the property and the LLC is sued, I think the owner’s personal assets would be shielded from the lawsuit. That is one of the reasons people create corporations. My brothers and dad used to own ONE condo together in an LLC.