Wow!
I really appreciate the quick feedback and sound advice of the collective group. As advised, I have already subscribed to Pond Boss and purchased and read the Basic Pond Management, Earth Ponds A-Z and Water and Algae books. I also had the damn inspected. My intention was to have the �lake�, as I shall now refer to it, shocked surveyed but the ground was too soft and the guy was afraid he would get stuck, that is why I only have a vegetation and water information. I will definitely have it shocked, but will probably wait until the fall and in the meantime simply start fishing and seeing for myself what is out there and take corrective action when the shock survey is complete.
In the end, I feel pretty good about the purchase of this property (in Oakwood, TX) and my only remaining concern was the relative shallowness of the lake, but since no one has really mentioned it I will assume that it is not a material issue.
Again, thanks for the advice and encouragement and being new to this it is nice to know that a resource like this exists. I will keep everyone posted as to the progress of the lake and if you in the area and want to drop a line let me know!