Hi Carly,
It all depends on what type of ants you plan to keep. What size will the tank be? I'll try to answer your questions though.
1) Antstore recommends sand and loam in a ratio of 1/1. This will work in a slim antfarm and keep the tunnels from collapsing. In a tank (like a fish tank for example) I would advise using some top soil as well. I keep my colony of Camponotus Ligniperda in a tank one third full of sand and top soil mixed together. I'll be adding some other bits like bark etc soon. Basically, it all depends on the species. Look in Antstore and click on the ants you want. There should be a suggestion for what dirt to use.
2) See above.
3) It's probably ok to leave food and water and top of the dirt but I prefer to use a dish or tray so that you can easily remove the food and dispose of it after the ants have finished. Also I don't use cotton wool, I just spray my tank regularly and also leave drops of water in the feeding tray.
4) Entirely up to you. I have a piece of wood which my ants nest under, and a large stone as well. If it's only a small tank, the ants wont need landmarks.
5) When I first got my C. Ligniperda (courtesy of Antstore may I add) I did not use a lid on my tank. I put vaseline and talcum powder along the edges of the tank to try and prevent escape. Unfortunately this didn't work very well and they ended up all over my house!! Eventually I got a 3ft by 1ft piece of plastic and put that on top. It's sealed with vaseline and I've burnt many holes in the centre of the lid using a lighter and a needle and this gives them ample ventilation. Ants don't need a lot of air, but they do need air humidity so make sure you remember to spray water in the tank every now and again.
Hope this helps.
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Matthew