What do you believe are the minimum requirements before you should really try and monetize your forums or should you believe you should feel you should start when the time is right?
I think you can start to put ads on your site right away when you start your forum. Its better this way because users will become accustomed to the ads right away, instead of finding them there one day and being surprised.
Hmm yea i suppose i guess if you put them on half way through it can be sen as a money grabbing factor as apposed to if they was on there from the start they aren't as noticable
Exactly. You shouldn't feel ashamed or anything about having ads from the beginning --- if they are natural and at least barely interesting and/or useful, it will do you a good job when you'll have enough activity to actually gain money from it.
What do you believe are the minimum requirements before you should really try and monetize your forums or should you believe you should feel you should start when the time is right?
I don't think that there is a mininum requirement as everyone already said. You can start by putting google adsense ads on your website in the hopes that a visitor or two might click on them daily.
When you have significant traffic, you can then sell ad space directly to potential advertisers as you would probably make more money that way.