Start weight training right away.
The sooner you start, the less muscle mass you will lose while you lose
fat.
Don't worry - you wont get bulky or anything. It is unlikely that you will actually put on muscle while weight training. What you are doing it for is to build strength and
fitness, while retaining the muscle you already have.
If you don't, you will lose muscle along with the
fat, and you will become what is called "skinny
fat" around these parts, low in weight but still with a lot of
body fat, and with reduced muscle mass from the
dieting.
Edit: - resistance (weight) training also burns a lot of
calories.
As for your
cardio - do what you can, and want to. The amount of time is pretty irrelevant (consider 20 min casual strolling vs 20 min full-bore on a rowing machine), but you should probably do no less than 30 min in a single session.
I usually do about an hour (of swimming, walking, or walking/jogging) on alternating days (doing resistance training on the other days). It seems to work well for me.
Always remember that the key to
weight loss is
diet. Exercise is just gravy - and for
fitness. Keep your
diet under control and you will lose the weight. Exercise as well and you will lose the weight faster, and become fitter at the same time.