We present IRAM-30m Telescope ^12^CO and ^13^CO observations of a sample of 55 luminous and ultraluminous infrared galaxies (LIRGs and ULIRGs) in the local universe. This sample is a subset of the Great Observatory All-Sky LIRG Survey (GOALS), for which we use ancillary multi-wavelength data to better understand their interstellar medium and star formation properties. Fifty-three (96%) of the galaxies are detected in ^12^CO, and 29 (52%) are also detected in ^13^CO above a 3{sigma} level. The median full width at zero intensity (FWZI) velocity of the CO line emission is 661km/s, and 54% of the galaxies show a multi-peak CO profile. Herschel photometric data is used to construct the far-IR spectral energy distribution of each galaxy, which are fit with a modified blackbody model that allows us to derive dust temperatures and masses, and infrared luminosities. We make the assumption that the gas-to-dust mass ratio of (U)LIRGs is comparable to local spiral galaxies with a similar stellar mass (i.e., gas/dust of mergers is comparable to their progenitors) to derive a CO-to-H_2_ conversion factor of <{alpha}>=1.8^+1.3^_0.8_M_{sun}_/(K.km/s/pc^2^); such a value is comparable to that derived for (U)LIRGs based on dynamical mass arguments. We derive gas depletion times of 400-600Myr for the (U)LIRGs, compared to the 1.3Gyr for local spiral galaxies. Finally, we re-examine the relationship between the ^12^CO/^13^CO ratio and dust temperature, confirming a transition to elevated ratios in warmer systems.