He approached me about buying him out but I don't have the kind of capital to buy the entire lot right away but could buy several lots over time which he is fine with.

It's already been mentioned that it depends on the asset class which sport we go to in order to understand the park we are in.

After I got of the phone with the seller, I did some more research on the property and found out the bank has recently filed another Lis Pendens in January on top of being two years behind on the property taxes.How should I approach the seller and this deal?

An appraiser (MAI) can tell you what the CAP rate should be on office buildings in your area, from that together with lease amounts you can get a value as to the income approach.

We are fast approaching the 30 day mark and I am very nervous.

What would be the best way to approach them?

Additionally, when I see their offers, they're not really making sense (using the 2% rule as a metric).I'm thinking I need to approach the Phoenix, Arizona metro market differently and am willing to begin a marketing campaign.

Solid advice @Guy Gimenez.Its all about providing value then absorbing whatever skillsets/approach from the mentor

. $2.5k in staging and advertising.I was planning on offering her $40K for the property.I would love to hear anyone's opinion on how I've approached this deal. 

Toua,I have a friend who created a LLC for each of her properties and her take on it was she wanted the ability to limit liability/damage that could impact her assets/business if she ever got taken to court.I'm new to this myself and plan on taking this approach.