What is the best way to attach pdf forms to point shapefiles to fill out while out in the field?
I know how to create a hyperlink to the specific folder but is there a way to have the shapefile created with the link or attachment already attached?
Shapefiles do not support attachments. If you wish to work with attachments then I recommend investigating file geodatabases. However, layers based on shapefiles can be configured to support hyperlinks.
Once configured as a layer property (which it sounds like you already know how to do), hyperlinks are set/updated by editing the text in the field you nominated.
Consequently, the way to edit them is either through the Attributes window (accessed from the Editor toolbar) or the Table window (accessed via Open Attribute Table). I prefer the former but in either case you will need to have started editing.
Hyperlinks support opening PDF files but if you are looking for forms functionality in the opened PDF then I think that will depend on how that PDF was made and I am not certain that this part would work. I recommend testing.