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Small Studio Setup... New to recording. Any tips?

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Topic Small Studio Setup... New to recording. Any tips?
Hey everyone. I've been doing some research over the past week and have come up with a small home studio setup that i think would do the trick for what i need. I mainly play acoustic guitar, mandolin, bouzouki, and lead vocals. I have little or no experience in recording, and only minimal experience in live setups. Im hoping this setup will handle acoustic recording very well. I'm just looking to get started in recording my personal music so all of these things wont be purchased at once, ill get the basics first, and build upon that. So I need something that is versatile and will still be valuable to the recording process when i do make that next step. Please let me know what you think.
Also, will I need to consider upgrading my the sound card in my PC as well? since this will be all computer produced recording.
Thanks a lot!


Small Home Recording Studio Setup

Purpose:
To produce, record, sample, and master acoustic performances mainly of vocals and acoustic guitar. Adding digital tracks of percussion and other accompanying instruments. Using recommended and affordable products and a home desktop PC. All computer produced music.

Budget: $600 (over time)

Equipment:
M-Audio Fast Track Pro digital recording interface - $148 - $199

Microphones: M-Audio MXL 990 and 991 recording mics and
M-Audio Audio Buddy Preamp - $99

Studio Monitors: M-Audio Studio Pro 3 - $78.88

Studio Headphones: Koss Pro-4AA - $58.99

Mic Stands (2): Musicians Friend - $40

Mic Cables (2): Planet Waves XLR to XLR 10” $40

Sound buffering materials: Unknown - $50 - $150

Miscellaneous cables and accessories - +/- $60

Summary
Setting up a small home studio using affordable electronics, little prior knowledge, original music, and passion. Equipment includes a desktop PC, a digital recording interface with included software, two recording microphones and preamp, studio monitors and headphones, mic stands and cables, and echo-canceling wall covering.

Total Expenses: $574.87 – $725.87