I want to thank everyone who has responded to my question. As I'm sure you all have experienced, when you first got into this, you think more of buying than renting.
I plan on taking the advice of the majority of you and rent for a while (at least a year). I just wish that my LDS had taken this approach to begin with. I'll try different manufacturers each time and keep detailed notes. Who knows maybe I'll start a blog about it. Thanks again.
If you dive a lot and locally, you are going to be bored with renting very fast, and will want your stuff too.
Try to get a initial budget (1000, 2000, 3000) and build a good excel file. Try some configurations, ask for some quotes at your LDS, and of course the main internet stores: scubatoys, diveriteinscuba, leisurepro, divers-supply, divegearexpress, etc, etc... Some are really helping and do negotiate to get 'good' pricing.
Then, spend hours and hours on this board, looking at equipment questions. To almost a point it's become painful to browse, but then you'll get to learn a lot of tricks, and know the few people with the 'pragmatic' opinion and relatively unbiased. Or when they are really too biased, then it is for good reason ( ...
)
The different advices from here will be priceless. But you have to make your own decision, mostly based on your wallet. Does it mean you'll get a SP reg and and Back plate and wing from "H" (well known Hanna Montana scuba brand), maybe maybe not.
I still think that buying gear is expensive, even if you consider it relative to other hobbies. You often figure out something you need at a time, then upgrade, then change.
From exposure suit to reg, the amount of choice and scale of $$$ is really big.
Used is a clear options. ebays, craigslist, or some local divers, but in reality, it is difficult (while possible) to get good bargain. It takes time.
Once you get to something decent, you dive, but then realize you have to spend more on additional training and cool diving ! Which is eventually what matter !
good luck !