Hi, I'm here with another naive question on the myriad world of recording. :)

I'm just starting to record on a modest set-up, working on a four-track machine to make recordings either solo or with my band. I'm a hobbyist at heart, looking to make demo recordings with near-professional quality.

I'm in a financial hard place at the moment and I only have about $80-150 to spend on a good all-round microphone- when my band come over to record, they bring their own, and when I'm on my own I like to record vocals w/ acoustic guitar separately, or build up tracks part by part w/ drums, bass, guitar, vocals and piano. My current microphone is not very suited to my needs any more, and I need to get a good mic.

Now I'm very aware that these financial limitations will not get me very far - I've been researching what microphone to get for weeks and I'm confused. I was set on an SM58 for a while because of its prestige, but now more and more tell me it's a more live-oriented mic that might not be what I'm looking for. Do I really want a dynamic mic or a condenser?

I just want something of good quality (I am recording into a fairly dated machine, so I'm not looking for perfection) that would cover a wide spectrum of sounds, including acoustic guitar, guitar cabinets, harmonica, piano, drums and vocals. It really isn't ideal, I know, but would you be able to advise me on one solid, good-quality microphone that will last me until I have the means to expand? Thank you in advance.