Well let me say this, I'm getting ready to go into step 3 of my 5 step plan (originally there were 12 steps, but some people couldn't see the beauty of my plan).
All joking aside, I've started to build a client base. I still work fulltime, freelance on the side. I rent a camera for my shoots, and I am slowly purchasing the "support" stuff as I can.
By buying your "kits" such as lighting, audio, wireless, field monitors, etc etc etc... you get everything that is universal to our work. The variable, the camera.
I recommend even going getting your own tripod. It'll work with every camera you rent, it will be more reliable, and something you are used to. Once you are making about $3000, then take a look at your clients and projects over the last 3 months. What format are they looking for? If 4 out of 5 clients are looking for DVCAM, then buy DVCAM, if 4 out of 5 are looking for Beta or BetaSX, then go that route.
The point is these guys have it right, invest in the stuff you use EVERY time. You don't want to be just starting out, thin on cash, and have to rent a camera 2-3 a month when you're only doing 5 jobs a month. Otherwise the only thing you you'll be shooting will be the lines at the soup kitchen.
Liveshot