Many schools that are CSS Profile schools will want the business/farm supplement document (also a College Board form). It asks what type of corporation it is, and what % the parents own. So a single owner LLC status would be revealed in that paperwork. That is where the info on the LLC and its assets, losses/earnings, etc. would go. There is also a space on the form for “remarks” to clarify if there are some extenuating circumstances. Or the parent can also write a letter with additional information to the financial aid office (I did this myself one year).
@Madison85, I don’t think there are any legal obstacles to creating a single owner LLC that just owns one rental property. It is a small business if they do that, but the IRS does have specific rules about single owner LLCs (disregarded entities, where the taxed entity should be the single owner beneath, not the LLC at the top level). But there is no reason it can’t (or shouldn’t) be done, IMHO.