This info is taken from Jeppeson's Counterpoint book. This is a summary the rules he gives for writing 16th century counterpoint for 2 voices in 1 specie.
First species is just a fancy way of saying one note against another.
The exercises in first species only deal with whole notes. Why? So you can focus on the intervallic and melodic relations first.
RULES FOR FIRST SPECIES
Melody:
1) All perfect major and minor intervals UP to the FIFTH are allowed to ascend or descend. Also, octave skips ascending and descending are allowed.
2) Major and Minor 6th are allowed only to
ascend
3) If the interval does not fall in rule 1) or 2) it is forbidden
Counterpoint (eg note against note rules)
1) Consonances are allowed only. They are - P5, P8, maj and min 3rd and 6ths.
Note - 4ths are considered dissonances.
2) You must begin and end with a P8, P5, or unisons
3) Unisons are allowed only for the first and last note.
4) Parallel fifths and octaves are forbidden. Best way to avoid these is to AVOID APPROACHING a fifth or octave in SIMILIAR motion - that is both voices moving to the P5 or P8. Ex; the minor third interval e-g to the P5 a-e, or P5 a-e to P5 g-d are illegal - the first is called "hidden fifths" as parallel fifths are implied, the second is just parallel fifths.
5) No more than 4 consecutive 3rd or 6ths. Four is pushing it and anything more destroys any sense of independent line
6) Parts skipping in the same direction - do not go beyond a P4. Ocassional skip of both parts by a P8 is OK. The reason is the same as Rule 5)
Additional Rules
1) No accidentals for first species. Stick with the tones of the mode for this species.
2) Repeated and tied notes are not allowed
Exercise
1) Write a soprano line in whole notes against the bass line - one against the bass note. Use as your bass line the following notes: start on C, ascend to E, F, G, then descend to E, ascend to A, descend G, E, ascend to F, descend to E, D, to end on C. This bass line moves at most up a 4th ( A to E).
The scale is the Ionian mode, tonic C, which is today known as the C Major scale.
PS. I am not providing the WHY to all of this due to lack of space. Anyway, as you try this exercise you will learn some of the reasons for these rules.
Enjoy and good luck!
