Rookie85,
I certainly don't want to discourage you from building a home studio, but you and the other band members need to set some realistic goals:
1. If your intent is to record a CD to use for promotion and/or sell at gigs, how soon would you like to have it completed? If you're thinking sometime within the next year, I strongly suggest you find a studio in your area and spend the $4500 getting the CD recorded, mixer, mastered and replicated. With that amount of money, you could have a product ready to sell by the end of the year(give or take). If you and the band rehearse and have all your songs down tight, the recoding/ mixing might not take all that long.
I see you're from Fresno. There should be dozens of affordable studios in your area. A little research might turn up a reputable studio looking for work and willing to make a deal.
2. On the other hand, if your intent is to have a studio of your own, because you want to be an engineer/producer, then by all means start building. But.... you need to be aware that researching, buying gear, learning to use said gear, building and tuning a room(or three), learning how to listen, how to set mics, how to use EQ, effects, how to mix, how to master, etc, etc, etc.........
takes HUGE, and I mean...... HUGE amounts of time. And all the while you're trying to learn all this stuff,........ you're NOT playing music!!!
3. Then again you could buy a stand alone harddisk recorder and learn how to record your rehearsals and use that to improve you bands preformances, song writing, etc! Just don't expect "professional" results right away!!
HTH
Joel