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[NEWBIE] Want to set up a studio in my room

OKAY, well, I'm a mega noob when it comes to this, and I've had 0 experience with the studio environment.

I want to set up a basic studio in my room for recording vocals(for hip hop , if that matters).

So, please go easy on me and recommend me some good equipment and around how much I would be spending?

Can someone clear up a few questions? I'm a newbie

I hope that this forum can clear up a few questions I have before I drop a few hundred bucks on some stuff I don't need, but based on other threads, I think you guys can help.

Recently, I have been getting into digital mixing/recording, but I want to step up my game to get "studio" quality sound.

Recording newbie HELP regarding interfaces questions

Hey guys,
I play guitar and I want to record a cover album with a couple of mates for the summer holidays with piano, guitar, vocals and possibly drums and bass (recording individually). I am a complete newbie so all the information I have is from a couple of people from the guitar shop.

I have a couple of questions regarding interfaces:

Newbie wants to record

I have an acoustic guitar and a voice and I'd like to record them. I'm a poor student so I can't afford much. I need to know what type of mics I should be looking for. I already have a nice sound card with a mic input and preamp. I just need mics. What's the cheapest option I could get away with so that the recording doesn't sound like crap?

Newbie Questions here...

I'm brand new to recording. I'm looking for an 8 channel audio interface that will give me the ability to expand later on via ADAT. I saw on the Soundcard Wizard on Recording Review that the PreSonus Firestudio and M-Audio Profile 2626 should meet my needs.

Which do you guys think will be more reliable?

Thanks,
hondacrxdude13