如山, what's the benefit of doing that?

I don't seem to see any benefit of doing that. What do you see?

Do you pay rent to the LLC, which would then funnel back to the owner? This obviously would be a wash.

Do you expect the asset to be hidden? No, it's easy to find out the LLC's owner. If anything happen, they would sue the LLC and owner.

Doesn't hide the asset from financial aid, either. Since the primary residence is exempt already.