I always tell people to buy one mics to start a studio with. A Shure SM-57. It's a great mic for guitar amps and vocals. After that, it's a matter of finding a condenser, which fits your budget.
Good mic - I use one to mic my amp. I sang through one for 3 or 4 years before moving back to an SM58 just because it was more comfortable with the ball end. I just bought my friend one for his birthday so he can mic his new amp. I would think it's keeping Shure in business somewhat.
I don't think you necessarily need condensers expect for drum OH. I suggest 57s, sm7b, and a pair of SDC. That covers 90% of what I do and what most home recorders do. And it's cheaper than comparable LCD.
