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Help setting up a (basic) home studio, that can still create great results?

My workspace up until now has been putting my laptop on my dresser drawer, an SM57 w/ boom arm, and a MCA SP1 condenser mic balanced within one of the dressers.

My aim is to set something up something cheap and basic, yet that can provide professional results.

I only really need to record voice, acoustic guitar, and plugged guitars (bass, electric guitar).