It is possible for an asset to be considered personal for some purposes (e.g. in a divorce) and not for other purposes (a financial aid application.) In this case, however, I think you will have a personal asset for all purposes. Right now you own real property worth $X. If you form an LLC to own the land, you will own an LLC worth $X. Either way, you own more than $3,000 in assets.
Answers By Bruce Robins