No LLC for benefit of better mortgage?

[Kenneth LaVoie]

Wow! I've never seen a more difficult way to pick a forum "topic". I'm a web designer by trade and was stopped cold...

I have a question which REALLY I suppose no one but me and my lawyer can answer but I think some feedback from some super smart BP'rs would be helpful!

As many of you know, when a 1-4 unit property is held in one's own name, better financing is/can be had. For example, I can get 30 year fixed for 30 year financing for 10% down and decent interest rate (less than 6%) which would give much more security and better cash flow. (i.e. not having to worry about rate increases every 3-5 years). This is "non owner occupied" too. 

My lawyer isn't keen on us having any properties outside the protection of our LLC though. He and I are both clear that good practices and insurance are #1 but the LLC does have a purpose.

Have any of you come across this dilema before? What are your thoughts? Would you take a little extra risk for having a FNMA type 30 year residential style loan? 

Thanks for any feedback, regardless of how detailed!