I'm going to participate in my first Dynasty league this year with this being the inaugural draft. I've read a few things but really I have no idea what kind of strategy to use. Does anyone have some advice or links I could read to prep me for this?

I have the 3rd pick (12 teams), draft is serpentine. 1 QB, 2 RB, 3 WR, 1 TE, 1 FLEX, 1 K, 1 DST. There are also 15 bench spots and 4 IR spots.

Scoring is as follows:

Passing
2 extra points when total Passing Completions is greater than or equal to 25 (All positions)
1 point for every 20 Passing Yards (0.05 per) (All positions)
1 extra point when total Passing Yards is greater than or equal to 300 (All positions)
2 points for every 2 Pt Conversion Passing (All positions)
4 points for every Passing TD (All positions)
4 extra points for every Passing TD of 80 or more yards (All positions)
2 extra points for every Passing TD between 40 and 79 yards (inclusive) (All positions)
-2 points for every Interception (All positions)

Rushing
2 extra points when total Rushing Attempts is greater than or equal to 30 (All positions)
1 point for every 10 Rushing Yards (0.1 per) (All positions)
1 extra point when total Rushing Yards is greater than or equal to 150 (All positions)
2 points for every 2 Pt Conversion Rushing (All positions)
6 points for every Rushing TD (All positions)
4 extra points for every Rushing TD of 80 or more yards (All positions)
2 extra points for every Rushing TD between 40 and 79 yards (inclusive) (All positions)

Receiving
2 extra points when total Catches is greater than or equal to 9 (All positions)
1 point for every 10 Receiving Yards (0.1 per) (All positions)
1 extra point when total Receiving Yards is greater than or equal to 150 (All positions)
2 points for every 2 Pt Conversion Receiving (All positions)
6 points for every Receiving TD (All positions)
4 extra points for every Receiving TD of 80 or more yards (All positions)
2 extra points for every Receiving TD between 40 and 79 yards (inclusive) (All positions)

How do you retain players year to year?
Keep anybody you want or are there limits?

In my friend's dynasty league they have 27 man rosters and they keep 20 players year to year. My friend has owned Peyton Manning ever since the league started in 2000.

I created a startup dynasty this year. We will be able to keep whoever we want except for one of our top five scorers. That is somewhat like real football. No NFL team can keep all their good players year to year. So I created something like a salary cap effect without having to have player salaries, a cap, restricted free agents, and other similar headache-causing features.

If you have no restrictions as to keeping players, then do not over think anything. Pretend it.is not a dynasty league. If you pretend it is a redraft league you will have one of the best teams unless you absolutely butcher the draft.

Apparently the rules were set a mere hours before the draft. 23 man roster, not including 3 IR slots. Allowed to keep 20 players every year.

1QB, 2RB, 2WR, 1 FLEX, 1TE, 1K, 1DST

I had the 3rd pick. I had 3 objectives: land either RG3 or Luck, get 2 guys each at RB/WR that can put up good numbers for the next 3 years, and then stock the team with promising RB/WR talent.

Here's the result in order picked:

1.3 - Arian Foster
2.10 - AJ Green
3.3 - MJD (probably should have taken Ryan Mathews)
4.10 - Andrew Luck (RG3 was taken the previous pick so I knew Luck wouldn't last for my next turn)
5.3 - David Wilson (no idea why I picked him here...total impulse)
6.10 - Miles Austin
7.3 - Eli Manning
8.10 - Titus Young
9.3 - Jacquizz Rogers
10.10 - Alfred Morris
11.3 - Kevin Smith
12.10 - Fred Davis
13.3 - Keshawn Martin
14.10 - Jonathan Baldwin
15.3 - Ed Dickson
16.10 - Isaiah Pead
17.3 - David Akers
18.10 - Jabar Gaffney
19.3 - Seahawks DST
20.10 - Lestar Jean
21.3 - A.J. Jenkins
22.10 - T.Y. Hilton
23.3 - Kellen Davis

Your strat is sound Evil. Keep Richardson, Blackmon, Matthews, Hernandez in your head too, young guys who can make an impact now.