It's a succulent - Crassula arborescens undulatifolia, a ripple jade plant

You'll definitely want to put it in well draining soil, I would use some cactus and succulent soil and mix in a 1:1 ratio or sifted or rinsed perlite (or pumice). Also make sure that the pot has a drainage hole at the bottom

Thank you so much! I will do that.
I am also happy to know now what kind this plant is as the nursery just said it’s a cacti succulent. Thanks so much for your help!

Also, in another thought, is it good to have it outside also to get some direct light? Or should I keep it inside by the window? Or rotate inside and outside?

Looks to be a Crassula arborescens undulatifolia aka Ripple Jade.

Imo it looks like it could use a little more light. The leaves should be a little more compact like this, pics from Google.

They can get huge.

If you do decide to give more light, make it a slow process. So no burning happens.

I only own a few Jade, others on here will give you more advice, but it seems like your doing a fine job with watering I don’t see any yellow soggy leaves. Keep in mind plants don’t dry out as fast when inside.

Oh wow! I’d love for mine to grow like that. I’m going to repot it in the cacti soil and introduce it slowly to the sun. Search results I’ve read so far since finding out what this plant is, mentions morning light is best? When it comes time, could it stay outside all day? Bring it inside on rainy days? Or bring it in during afternoon?

It likely not grow that big in the pot! But if you live where they can be outside year-round, after years of growing - and probably planted in ground, it will :)

In and out of house is not necessary if properly acclimatized.

It should be in well draining mix, quite gritty, so you don't have to worry about rain (do not skimp on sifted/rinsed perlite or pumice!)

I would give it lots of sun, but perhaps bit of shade during most scorching hours - usually around 12-2pm or so. I have taller, bushier plant in front of it to create dappled sunlight during those hours.

Thank you! I took a look into the cactus soil I have. It does Indicate that it has pumice or perlite in it, but I will definitely add more perlite or pumice to the mix I have :) thank you for the advice!

There is insufficient amount of perlite or pumice in bagged soils. Making a mix as suggested will make it well draining. You can add small grit too, or scoria, or other ingredients that are grainy: they will improve drainage.