My gut reaction is that there isn't any 'inexpensive' way to build a home studio, but then again, I have no interest, and no idea, in creating anything whatsoever 'hip hop', so I most likely am not the best resource.
Get a quiet PC with a 1010LT for the A/D/A conversion and preamp. Get a dynamic mic (RE-20 / SM7B) and plug that into the 1010LT. Get an Akai MPC or similar. Get some recording software. And get a pair of active monitors.
If you can squeeze in for under $3K I'll be amazed.
Luck.