Is changing ownership to an LLC really worth it?

[Michael A.]

I recently purchased a Duplex in Ohio with my mentor. We purchased it in our individual names and are trying to decide if transferring the deed to an LLC is worth it. I was under the impression that an LLC protects you from tenants suing you and also from the mortgage company if you couldn't pay the mortgage.

After speaking with a lawyer over the phone he told me that the mortgage company could still go after us personally if we couldn't pay the mortgage. He also gave the impression that if ownership is transferred to an LLC, home insurance company could raise the premium. And the mortgage lender could set a higher interest rate.

I'm starting to think an LLC isn't worth it and will create a mess. I'm wondering if I should leave things alone or transfer the deed into an LLC? I also wonder if the mortgage itself should be transferred as well? If I were to go forward with it, I would do an Ohio LLC because a CA LLC is too expensive.

Appreciate the response.