How do you repeatedly farm a specific boss for loot? There doesn't seem to be a way to specifically choose where you want to start in the storyline when creating the game like you can in Diablo 3.

(I am infact new to Diablo 2)

Diablo II has waypoints, you can take a waypoint from your start location to another waypoint you have unlocked close to the area you want to farm. For example if you want to farm the pit under the Tamoe Highland you can take the waypoint to the Outer Cloister and backtrack to the Tamoe Highland via the path (press tab to toggle the map) I hope this helps.
-Kaylin

But what if you wanted to farm a boss like Baal? If you've completed the game then wouldn't he not respawn even if you went back to where he was?

When you create a new game lobby, it is a completely new game.

This means all monsters (bosses, uniques, random mobs etc.) are spawned

I believe this is why it is called farming. They all respawn everything and every boss every new game you make. Say your level 30 norm you just soloed diablo well done, you just got 3 new items that you can so use for your guy, like in d3 ( >.>),instead of having to switch quests over and over...ect... and get temp banned on d3 in d2 you just make a new game and kill again for even more drops, this is diablo 2 not wow with the new diablo thrown over it, you shouldn't even have to switch quests to kill a boss they did way better on d2 than d3... oh look I'm started on d3...anyways hope I was of service... enjoy.

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Q u o t e:
this is diablo 2 not wow with the new diablo thrown over it.

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Sometimes I see a statement that makes me wish I could just 'like' or '+1' - to show a level of appreciation for saying something that was on my mind, but I could not properly put it into words. I know what I love/like about Diablo 3, but I know what I hate about it too - and you nailed it in half of a sentence.

Kudos