Whats the best way to go about making something like this?

The trick here is to create one of the eighteen pattern parts, and then duplicate and rotate, then combine all parts and finally join the end nodes.
Difficult?
Many steps perhaps but not difficult, if you know how to use Draw. :-)

Here's a tutorial for you.

First, make sure Snap to Objects, Snap to Guidelines and Show Snap Location Marks are enabled.
Create a circle and align it with the pattern's outer "circle".
Duplicate it ("+" on numeric keypad) and resize to match the mid circle and inner circle.
Create one vertical and one horizontal guideline that are aligned with the center of the circles.
Use the Pen tool to create three lines that start at the center and matches the three vertical lines in one "cog" of the pattern.
Duplicate the line that matches the longest vertical line, click to bring up rotation handles, move center of rotation to the guideline intersection point, type 20 in the Rotation box in Property Bar and hit Enter.
(There are 18 "cogs" and 360 degrees divided by 18 is 20 degrees)
Create one more line that exactly matches (use snapping) the longest vertical line.
Now it should look like this:



Switch to Shape tool and select one of the circles.
Drag the end nodes to create a segment matching the pattern. The nodes should snap to the lines you created when they are in the right position. Make sure you get an "Arc", not a "Pie" (click button in Property Bar).
Do the same thing with all three circles.
Delete the four help lines, you don't need them any more.



Select all four segments and Combine them.
Switch to Shape tool, select two end nodes (red above) and click "Extend curve to close" in Property Bar.
Do the same thing with the other two and the upper right corner.
Now you have 1/18 of the pattern so it's time to start duplicating.

Press "+" on the numeric keypad to create a duplicate, click to bring up rotation handles,
move center of rotation to guideline intersection point, type "20" in rotation box and hit Enter.
Without deselecting or anything, press Ctrl+D to duplicate and repeat the rotation.
Repeat Ctrl+D until you have a full pattern circle.

Select all eighteen parts and Combine.
If you have done everything right and been careful about snapping to the right points, you should now have a perfect pattern.
Switch to Shape tool, select all nodes, open the Join curves docker, choose Extend and hit Apply to join all end nodes and create one single curve.
Adjust the line width and it should look like this:


Good luck!