As you know, SXA 1.6 and Sitecore nowadays come with dynamic placeholders by default. So, lets go through the regular steps first.

Create a Rendering Variant under the Link List
/sitecore/content/YOUR_SITE/Presentation/Rendering Variants/Link List/Link List With Placeholder

placeholder-sxa

Create a Link List item, the example I am using looks as following:

placeholder-sxa

By default this should be enough but there is one catch. If you now go to the Experience Editor and drop Link List rendering on your page and add/create data source, you will see something as this:

placeholder-sxa

When you click on Add Here button, what you will notice is that placed Placeholder in the Rendering Variant is not there. The available ones are actually the ones above and bellow your item.

placeholder-sxa

So how to solve this?

  1. Navigate to /sitecore/layout/Renderings/Feature/Experience Accelerator/Navigation/Link List

    Under Experience Accelerator, Other Properties section, add the following parameter: IsRenderingsWithDynamicPlaceholders - true as it is shown in the picture bellow.

    placeholder-sxa

  2. Now go to the /sitecore/layout/Placeholder Settings/Feature/Experience Accelerator/Page Content and create a placeholder called linklist with the placeholder key linklist* as it is shown in the picture (or just duplicate pagelist placeholder and change the name and placeholder key):

placeholder-sxa

Go back now to your page where you have placed the Link List item in Experience Editor and you should see your placeholder.

placeholder-sxa

And as always, big thanks to Adam who figured this one out in a jiffy :)