Welcome to Pond Boss. Pit ponds are fairly common and a lot of people here have experience with them. Each one is different (like all ponds)so more info would help. You have raised good questions. A pic would help or a detailed summary of things like water source , level changes , fertility (dirt and water in the area) etc. Are there fish there now? What are your goals for the pond , balanced population , big bass , big BG , swimming etc.