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.

The best part was that the numbers for cash flow were great, so the appreciation was an awesome bonus.There is a shortage of affordable housing in Phoenix and while there are tons of huge newer complexes, the rents at those places are generally higher. did you buy in PHX or are you talking about  Omaha.. the same thing happened in Vegas friend of mine was buying 4 plexs there in 2011 2012 for 140 to 160k he had to put in usually about 7 to 10k a door because they were kind of trashed.. and now they are approaching the 300k range and climbing.. its all about JOBs and blue collar jobs you have those you have your 600 to 1000 dollar renter without them ( that labor force) things start to go downhill.and this is one thing I have been mentioning those that jumped into the game 5 years ago the rising tide raised all boats.. it was a slice in time.. so now we since this continual whining on BP hey there are no deals..