Good purchase!
Congratulations Darryl - You are really going to like that lathe!
I do hope that you will avail yourself to the many skilled woodturners who are members of a woodturning club near you to help get you started correctly. You can obviously learn woodturning by yourself, as many turners have done, but your skill development will be much faster if you can get some helpful comments and instruction from someone with experience. Above all, be sure to have your safety (and that of others) at the top of your priority list when doing anything on your new machine! And also remember that ALL of the woodturning video clips you may find on the Internet do not necessarily demonstrate the best or even proper or safe technique. All the more reason to associate with experienced woodturners in person.
Welcome to the enjoyable and addictive vortex of woodturning, from which you will likely never want to escape!
Rob Wallace