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Any advice as to how or what to do with it.
Well yes!!! More do I need to re-home it away from the orandasuuummm....i dunno....maybe feed it, and take care of it?
I think a few more pictures will help. Either that is a huge moss ball or it is a very small fish. I can't see the head shape very well but the body and fins look more African cichlid rather than American to me. If it is just a young cichlid you probably won't be able to get a good ID on it until it grow a bit.
Did the tank have water in it when you bought it? If so I take it you didn't dump all the water out? Also, cold water as in how cold? Most cichlid species prefer water on the warmer side, ranging from 72-80 F depending on species.