REO Tax implications & Attorneys' fees

[Danny N.]

I'm new to BP and to RE Investing.I'm looking to get into REO Flipping, but have a few questions I'd like to ask those that have experience in this area:

(1) What are the tax implications of doing a double close ? since you flip the property the same day, does that mean you'll be liable for a higher Capital gains tax ?

(2) what is the typical fee to pay Attorneys handling a double close?

I contacted one and he quoted me $1,000 retainer upfront and a range between $1500 - 2500 for a closing with no issues.(he said most double closings always had a myriad of issue, non were smooth). So I was assuming those quotes were conservative.