There are a lot of older but decently places around here like that, but all need some kind of work, at least the ones I’ve found. 

This is very common for craigslist.

What kind of COC and ROI are you looking for?

Is it common to have 50% of the purchase price allocated to land value in the PNW? 

It's a very common overlay you are encountering.

If so, could you kindly advise what the process looks like to close the deal (how to bid, how to deal with banks etc.), how the title process/paperwork differ from buying a regular property, and the pros and cons of this method?

I do not want to make that a common practice since I am trying to reuse the same bucket of money over and over again.As far as knowing what expense amounts to use.  

Buying vacant commercial space without a specific plan is kind of risky because you possibly have to hold it vacant for long periods of time and carry the expenses. 

You're investing that kind of money so what's the cost of a round trip plane ticket?

@Ron Willbanks I've seen people do it for state of mind and also to partner with others so that they can each invest half of the minimum in double the number of deals (to increase diversification) but, as others have said, it's not necessary if the Sponsor structures efficiently.Unless you have a special circumstance, it's kind of a waste of money.