The neighborhood is about 10 minutes form a lesser desirable area to the east (across a freeway), and the main road is busy/larger.

Long Island will always be a desirable market. 

Can anyone recommend some helpful (wholesale)Law Firms in GA that tend to give advice/info about laws and regulations?

I used to run a national mortgage company and had an investment firm in CA working on solely residential property in different locations and the got into multifamily acquisitions starting in 2018. 

I own a piece of land that is worth $245,000 and is in a VERY desirable part of the city.

A brand new building with commercial space on the first floor could mean new restaurants, shops, and businesses for the neighborhood, all of which would mean the area would become a more desirable area to live, and your property price would likely benefit as a result.  

You get the benefit of 2 years+ of appreciation, tax free gains, protect yourself from buying in a crappy neighborhood because it looks good on paper - you're going to live there...the best test for a good investment location is if it is a desirable place to live - and your risk of running out of cash is lower because you can take your time.

I am a firm believer that Colorado Springs is a great place to invest due to its strong economy, temperate climate, beautiful views and easy access to outdoor activities.The market is starting to show signs of being depressed, meaning that there will be more opportunities for investors to find some great deals. 

So finding the cash flow you desire will be far more difficult.  

In particular, in desirable areas, for permanent/good financing, often 25% down doesn't cut it.