Hey Kam:
You need to try to visit a couple of home studios and take a look at what is there. There are so many ways to set-up a studio that no one post would be adequate.
You can do a low-budget studio with "good" mics and record some fine stuff.
I have my home studio in what would have been a bedroom in my condo. It's efficient and, surprisingly, just about big enough. Those cassette shells and tapes can suddenly vanish when you're working, but they are there somewhere.
With digital recorder prices falling weekly, you might want to rent one to try it out.
You will find that for every piece of equipment, except mics perhaps, there is a "learning curve." Also, a great deal of frustration because of the blockheads who write some manuals. They write in English but think in another language. But, man, that's all part of beginning.
So look around, get in there, buy some stuff and join the legions record.
The Green Hornet
