Let's exclude the fact that doing it yourself you might miss things that an experienced drafter would know, I'm talking from the legal standpoint. Is it ok to do it yourself?
it's a community site, I do expect this to be a chalange from the privacy standpoint as well as protecting my interests due to the varety of visitors I'm expecting and allowing them to post their comments, opnions on the site (in a form of a forum)
Look at similar sites. Generally, disclaimers, etc. are pretty worthless if there is no likelihood of someone actually suing you.
Certainly, put something up, but paying a lawyer (with your own money) is probably unnecessary unless you're expecting to make some seriously big bucks. If you're spending someone else's money and/or your job is on the line, the judgement may be different.