Go to market rate, but talk to them first and get a feeling if they will stay.

Who should we talk to in order to help make this decision?

@John Thedford   lenders all have different criteria for seasoning.. best he talk to a mortgage broker who does this stuff as their primary vocation.

The talks have continually sparked my interest in the subject and I am wanting to move towards investing.

Yes that is what she is talking about I think.  

You may also be able to talk with your contractors and home builders and find what they're looking for in a house to remodel, then talk with wholesalers to see if you can match something up.  

I use Quest for my own IRA and I am not paid to talk about them, though I love them.  

Best way to find local CAP rate is to talk to commercial realtor and ask them what it is, or see what other properties have sold for recently, but you would need to know their NOI. you can't assume the percentage for maintenance ( not just maintenance, utilities, taxes, water, sewer, etc to determine your NOI ) you have the numbers, as inconsistent as they seem to be, some should remain constant, those that fluctuate try to use an average.

I've been talking about it for a good while now, but never initiated to start gathering vital information until now.

Talk to Steve and see what's going on with this parcel.