I don't rememberr where I read this. It was 7 years ago when I studied this subject to prepare my daughter's college cost. I did not make it any way. With W2 income, it is harder.
I did help a friend to make it. It turned out exactly as I expected--a free ride for college from a famous private college. Based on my calculation, his EFC should be higher, in the range of 10K to 15K.
As I said, for your landlord, the situation might be different. All CSS-profile will ask business-related income and asset. College financial office are not stupid.
