LLC : There are more cons than pros

[Kevin N.]

I'm just a novice investor but the more I read about LLC the more disadvantage i found than the advantages it provides.

Cons:

cost more to setup, cost more each year to file taxes, can't take out conventional mortgages, interest rate will be higher if you cash out with a commercial loan, more paper work and book keeping. Harder and cost more to get an umbrella insurance. I also heard that certain clever lawyers could still go after your personal assets especially if you have a single member LLC and/or you manage the property yourself.

Pros:

Separate liability with your personal assets(but you can solve this problem with a high umbrella insurance ). 

I guess someone else can fill me in but that's what I know about LLC. Am i missing something?