Links should be auto-detected by default. If link is outside a paragraph, no need to do anything else. If link is part of a paragraph, it will be automatically nested inside. In case, paragraph needs to be changed, this is how you can tag a link:

Step 1 : Identify the paragraph tag and link tag that needs to be grouped together

Step 2 : Group both the paragraph and link tag together by dropping link on top of the paragraph or use Keyboard shortcut key  [ shift + x];  it will create a group tag of P. So that PREP automatically split the content and tag link in between the paragraph content.