Should I FIRE my Law Firm?

[Tim S.]

Hello BP!

Long story short, I've hired a law firm to form a single member LLC for the sole purpose of investing in rental properties. However, when electing to be taxed as a sole proprietor (IRS default for single member LLC) or S-Corp, I feel I've been left to figure it out myself. Now after talking to other investors the S-Corp election is mostly for Flippers and NOT suitable for Buy and Hold investors due to the IRS "restrictions" on Passive Income received from rent?

My problem is I feel if I'm going to pay some lawyer a thousand bucks I should be advised on the best route to take, not having to figure it out myself!  If that was the case I could've just went straight to my state's SOS website and did it myself and I would've saved $900.  Also, I never got to discuss this with the actual Attorney cause they just threw me on their Paralegal.

Should I say Fck it and bite the bullet and deal with it or should I go else where? Haven't paid yet but fees will be billed I'm sure!

Thanks in Advance!