If I form an LLC as a sole owner, can I hold the deed for the porperty the LLC uses and pay rent to myself? Will this protect the land from being taken if there is a lawsuit claim against the LLC?
What you're describing is a fairly common business arrangement. You may want to formalize the lease agreement between the LLC and yourself by putting it into a written lease. There also may be restrictions on how much you can charge your LLC for rent without undesirable tax consequences, so you should consult a tax advisor.
If your goal is to avoid personal liability for the business operations of the LLC, the LLC will need to be adequately funded/insured and observe the appropriate corporate formalities to avoid the "piercing of the corporate veil". There is no guarantee that the LLC will protect you from losing the land because of personal liability, but it's possible for it to help protect it.
Criminal Defense Attorney
Many individuals follow through with this type of scenarion, where they form a corporation and then rent to themselves... What i would suggest to you however is to meet with an attorney in your immediate area to further discuss this strategy to ensure that it is a sound strategy.
The other attorneys have given you sound advice. Also note that a single owner LLC as you describe is a disregarded entity for Federal Tax Purposes. There have been cases in some states that also give single owner LLC's less asset protection, than multi - owner LLc's. Check with a local attorney on this one.
Any individual seeking legal advice for their own situation should retain their own legal counsel as this response provides information that is general in nature and not specific to any person's unique situation. Circular 230 Disclaimer - Advice given in this response cannot be used to eliminate penalties with the IRS or any other governmental agency.
I agree with Mr. Latta's answer and would add that your LLC operating agreement should contain terms that make this sort of arrangement acceptable so that it could not be considered a conflict of interest. If you don't have an operating agreement for the LLC, it becomes easier to, as Mr. Latta says, "pierce the veil" and expose you as sole member of the company to personal liability. I'd recommend that you work with a business attorney in your locality who has experience with single member LLCs.
Of course, as with all of my online answers, my advice is limited by the brevity of your question and the facts provided. Additional information would be required to provide definitive legal advice, so this answer isn't intended to, and does not, create an attorney-client relationship.