Godiva - careful what you feed - you don't want to pump up a thorobred with heating food like oats. Start the in hand work as soon as possible.
Ex racers have been trained to gallop in a straight line by a small guy sitting on a tiny saddle. For most purposes they are virtually unbroken and they will have to be trained from scratch as though they are unbacked.
'Racing' is another word for 'semi-controlled bolting'.
Rarely are they horses for novices.
It is imperative that your horse walks in hand, on a loose lead rope, at your shoulder, to your pace. It must: whoah, stand, back up and turn at your command ASAP. When you collect it from the paddock, it must drop its head to receive the bit (a snaffle) and the bridle - or the head collar.
Ex Race horses are often cheap to buy but they represent a serious challenge to handle and train. Rarely are they appropriate horses for a novice.
Ideally you should organise help NOW from a professional trainer of horses who should give you an assessment of the temperament of the horse and a programme of schooling.
Take care - that is 500 plus kilos of sharp horse - it can hurt you.