yo
price can be a problem because great studio's can cost up to a million dollars in construction and equipment. it depends on what you are trying to do. i am no expert, but i can help point you in the right direction. if you are making your beats from digital hardware or software then it can be more cost effective, because you do not have to worry about room treatments, and the issues of what is the best microphone for drums, snares, guitars...... a good workstation anyone will tell you is the triton, and the mpc's.
your sm58 is okay to begin with but you may want a good condencer mic. i have the audio technica 4050 right now. i'm planning on copping the ntk. i have the lynx one sound card, which is capable of 24/48 recording. you can't go wrong with any professional soundcard. check out the echo layla, delta 1010, stay the hell away from soundblasters.
i'm a beginner in the game. there are people who are apart of this website that have been in the buisness for over 20 years that can help. to avoid redundant questions, you can do a search for a subject or keyword and read up. believe me almost any question you have has been asked a hundred times around here.
can you make some descent recordings on a budget from your crib, yes, but anything above descent takes money and/or experience.
