I am starting to take recording seriously, myself and friends have a group that raps, with occasional singers for choruses, etc. I am piecing together a home studio for us, as now we are recording into a laptop at various locations. I am in IT, so the computer was easy (and cheap). I got a good deal on an M-Audio Fast Track Ultra, the monitors and software are taken care of, the big question, even after doing some homework, is what mic to use?

I am thinking about the Electro-Voice RE20 after reading it is well suited for aggressive vocals and can take whatever is thrown at it. There is also the Blues, Shures, etc. I recognize that my knowledge is very limited, and I have pretty much no way to try these out in any real environment.

I recently came into some money so I set out to improve my/our recording situation. After my investments in the other pieces, my budget is around 500, but I could easily save a bit more and go higher if I am convinced it will make a tangible difference. Whatever I get will have to do for the time being, as i don't see myself having another opportunity anytime soon to buy any serious equipment. I am trying to maximize the money I have so at the very least, we can have (semi/pro)fessional sounding promo material.

Some background info, we do 90s and current style rap, I have a loud, rough voice. The rest of us range from more on my end to one who is high strung and a bit nasal. Right now, we're recording in a bedroom, the new space will be in the basement of my new home, which is pretty bare. I am also looking for advice on how to treat the room to improve recording viability. Or should we build some sort of recording booth? I am great at rapping, but extremely amateur in the recording process, I am looking forward to and appreciate your advice.