As soon as you feel confident to play in front of people you should start as you learn so much that a book cannot teach.
The basics to know, tough question! I would say it depends on the others you jam with as the style you want to play. From my experience you will need at least:
Popular chord progressions in various keys (Blues is great way to start jamming)
Minor pentatonic scale in the minnimum of A and E and at least 2 or 3 possitions (If you want to play a bit of lead)
Good timming
Your own set list of popular songs to cover that you can play to bring to the jam (other more experienced will follow you)
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