I was going to set up another account to store it in and wait for the use but it seemed like a waste of the money and I felt I should be using it to reinvest into something else until it is needed. 

I'm happy to pay a contractor for his/her time (because I'm not trying to waste it!).

They are a waste of money.

It may be a waste of time contacting them all and find out who owned it but in my case when I did the cold call, I still contact those numbers even if it's 90% chance that it's a wrong number so I can have the chance to tell them if they have homes they need to sell, I received some people responding to me wrong numbers, and I create this quick text for wrong numbers, and some replies to me that they have property to sell soon or they know someone like a relative or in laws that needs to sell.

Some cities now will have a requirement that you have a architect or engineer review plans bought online because the vast majority of them are so off for the local region that the jurisdictions dont even want to waste their time on it. 

Get that initial project at the minimal purchase possible and have at lease 1.5 - 2times over your initial deposit for the unexpected.

That said, I also feel like it forces you to do something because you've started down the path, and no one wants to waste the time and effort they've already put in.First, start attending local REI meetings as much as you can. 

For one, it defeats the entire purpose- if you are going to be interacting with the tenant and making minor maintenance decisions, then you are wasting money on the PM. 

But the last thing I want to do is upset him so he feels he needs to take it to "partition" and waste everyones time and money for the same result. 

We also have good credit but it’s from several years ago (about 5) as we don’t currently use credit cards.Should we wait until we have cash on hand and or more current credit to get approved/pre-approved or is it a waste of time?