Basically it's one Action to Cast and "see" which objects have magic and one Action to learn the school of magic.

Nope. Auras aren't mentioned until the second paragraph. Jeremy Crawford was quite clear in his tweet you don't get auras at first.

You cast it, you get a metal detector going "ping".... No auras at the point.

I meant "see" as in "sense which objects are magic". Are you saying first Action tells you there is magic in 30'. 2nd Action tells you which objects/creatures and what school?

There is no action at first (after casting the spell, which could be an action or several minutes because it has the ritual tag).... While concenting on the spell, you feel the presence of magic in a 30 foot radius. Then you can take an action to see the auras.

The action to cast the spell itself was my 'first' action.

The casting isn't necessarily an action.... It could be cast as ritual.

@J.A.Streich Don't know why i'm having such a hard time with this.

And then it lasts 10 minutes, if concentration is maintained.

Alright. You're alone in room in the inn. You speak some magic words and wave your hands arounds. The spell is active, you feel nothing.

You walk to the tavern, and you FEEL something magical somewhere near you... So you take an action to see all the auras about you.

You see a ket in someone's pocket glowing red (or whatever color the DM decides for the school), a glowing dagger on someones hip glowing green, and skull on the mantal of the fireplace glowing violet.

*key not ket.

You wouldn't actually see the key's aura unless it was sticking partially out of their pocket, right? Since you only see the aura around objects you can see?

(I'm assuming "visible" means "you can currently see it" instead of "not currently under the effects of an invisibility spell")

That makes a lot of sense. The casting says "yes/no" there's magic. The Action tells you which objects and what school?

@RyanThompson Detect Magic doesn't detect invisible. You have to see it to detect it.

I wasn't saying it did. I was asking about the key in someone's pocket from @J.A.Streich's example.

The key is not invisible, i.e. not affected by an invisibility spell, but it is also not viaible because it is fully obscured by the person's (hopefully) opaque clothing

@RyanThompson The key wouldn't be something that Detect Magic would detect. You can't see it.

Unless it's sticking out of the pocket.

Yes, the spell would detect it. If the key was the only magic object within 30 feet, the spell would still inform you that there was something magical within range. But when you used your action to see the auras, you wouldn't see anything. (Assuming I'm understanding the spell correctly.)

@RyanThompson Yes, you're right. My apologies. You'd know there's magic, but when trying to see the aura, you'd get nothing. The hunt is on!

Ryan, yes. that was mistake. You'd feel magic near the key, you wouldn't see an auora arround it, because you can't see it.

@J.A.Streich That'd be fantastic. And players definitely would go worst case scenario.