Pros and cons of moving property into LLC

[Brittany Edwards chu]

Hello

My husband and I are under contract on our first multifamily and bc of the conventional loan we can't get the loan under an LLC. So we will have to title over to an LLC after close. My question is should we do it? Our lawyer cited us the pros and cons, and I was surprised that we will not be able to refinance as the LLC. also that there have been instances where a property was moved over to an LLC, the lender found out, and then made them refinance into a commerical loan. I've spoken to my insurace broker and he suggests just getting a good umbrella policy to cover yourself, as an LLC will still leave personal assets vulnerable. Generally people say its better to have the property in an LLC to protect yourself personally, but I am a little wary of running into complications. What do most people do? Thankful for any advice to be had.