Congrats on your new buddy. Post a picture of him when you can.
I just bought a beautiful pale pink and purple male Betta and i am now trying to figure out if i am completely prepared:
How important is having a light for your Betta fish? The tank i purchased did not come with one. You should give them as natural a cycle as possible - daylight and night. Can you keep the tank near a window but out of direct sunlight? Otherwise, you should get a light and keep it on 8-10 hours a day. They need sleep and rest just like you and me.
I have one plant, is this sufficient enough for a "hiding place"?
If not what other than a cave will suffice? You could get a silk plant with big leaves. Make sure there are no fake "thorns" or sharp plastic parts on any of your plants that will tear his fins.
If i put anything too close to the edges of the tank, (i.e. a plant or rock), will my Betta get hurt or caught? It's possible. They're very curious and have been known to wedge themselves under rocks and in tight spaces.
If there are small rocks at the bottom of the tank will the Betta's fins scrape on them and become tattered? (i heard of this happening before) You should have nothing sharp in the tank at all.