This is also my first time being a mod, but for a small community, doesn't seem so bad so far. Take this advice with a huge grain of salt, I'm also a newbie:
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Be a mod for a topic you actually care about and can contribute to
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Delete any comments/posts that break the rules on your community
That's... kind of it? I haven't actually had to delete anything on my community yet, but it is tiny, so that's probably a factor.