While music theory will help you a lot, it is not needed to know much to start. 
A good teacher will teach you both practical skills and music theory, without teacher you
will have to discover everything yourself. It is good idea to get teacher right from start,
as he will help you to form good habits and will really boost your progress a lot.
  
It is best to buy guitar with a friend who is experienced guitarist, 
as recognizing good guitar from bad one requires some experience.
Traditionally, beginner players started with acoustic guitar, as it is a bit harder to play
and forces the player to develop needed strength and dexterity. But it is not wrong to start with electric one.
Do not buy cheapest and bad guitar, rather pick the one that will inspire you and that you will love to spend time with.
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