Read the earlier postings and wait for autumn.

cntrygrlathrt, if your address gave some indication of what part of the world you garden in, it would be possible to give you better advice. Al

The best place to plant is in full sun, away from trees which compete for nutrients. You also want the soil to be well-drained. If you have a dry, sunny slope that nothing else grows well on, I've found this is a great place to plant peonies. Well, unless you get a lot of wind there that might splatter the blooms; but I use sturdy supports anyway.
I would prepare the planting hole now but plant in fall. Peonies like cool weather to grow in, the roots get well-established before the next summer's hot weather & can then withstand heat & drought.
Loosening the soil to a depth of 2x2 ft. or even 3 feet make the plants happiest in my yard, but I have the nastiest red pure clay compacted soil with huge rocks mixed in (not to mention the heaps of gravel, bricks, etc. the builders thoughtfully left below ground as they bulldozed off every vestige of topsoil - grrr!!!!); but you may have great, loose soil already. The reason I would prepare the soil now is that I've found that the soil will settle quite a bit over time. If the root is planted right after the hole is prepared, it may wind up sinking lower in the ground than the maximum 1-2 inches of dirt over the "eyes" (those are the pink buds). Then the plant will bloom sparsely or not at all.
You can add bone meal & some 6-month slow release fertilizer to the bottom of the hole; also some aged humus & manure. I add a lot of top soil to my dirt because like I said it's pretty much red clay.