I have a Scarlet 2i4 (2 ins and 4 outs) going into my desktop. It works well enough for cheap and I suspect that most entry level similar audio interfaces work about the same. (
https://focusrite.com/usb-interfaces) The Scarlet (and others) allow for direct inputs from a guitar and powered inputs for condenser mics. The Scarlet preamps are based on the Rupert Neve designed preamps. It's worth a few minutes to do some internet research on Neve. I found a YouTube documentary awhile back about his recording desks. I will look for it an post a link here if I can find it again.
I wish that I could have found a device specific cookbook when I set mine up. I had to futz around quite a bit, installing, de-installing, and re-installing the device drivers to get the interface working. I know enough about computers, but it took a couple of hours to get that step out of the way. Then you have to install whatever recording software you want to use. You also may have to install the audio drivers, depending on your choice of DAWs. If I remember correctly, the Scarlet comes with Abelton's Lite version and it works, but all of the DAWs have a pretty steep learning curve. I have defaulted to Audacity for the little bit of tinkering around that I do. That doesn't allow me to use plug ins in real time, but it's easy to use.
If you are going to be recording your band live, or nearly live (maybe laying down the drums and bass, live) you likely will need a mixer in front of the interface, if you have only 2 ins, like I do. I haven't tried that yet. I do have a little Behringer mixer (something like this:
http://www.musictribe.com/Categories/Be ... FX/p/P0571).
Home studio recording is fun, but there's a lot of technical detail to iron out and it's a lot more difficult to make something sound good, than I anticipated. I know that this sounds a little patronizing, but I suspect that you will certainly need patience. I would suggest keeping a notebook (a recording diary) that details how you did things. As you go along, you will probably find a way to make something work and then 2 or so weeks later need to recall what you did. I use cheap school composition notebooks. It also makes sense to have a computer set aside only for recording. I use my desktop computer, but every now and then some application hijacks the audio system (like if I put the computer to sleep or play a movie) and I have to reboot it.
Lastly, I would suggest breaking the task down to a series of steps, instead of doing it willy-nilly, like I did. Something like:
1. Figure out your budget for each stage and component of the system (computer, interface, amps and monitors, DAW, mixer, mics, cables, etc). I probably have about $2500 invested in my ultra-cheap setup, but it would be crazy easy to spend a lot more. Once the system is stable, you can decide if you are going to purchase any fancy plug ins or use soft synths or samplers for drums. You might take a look at the UK magazines Computer Music and FutureMusic (they give away some nice software with the purchase of the magazine).
2. Commit to which computer and operating system you are going to use. I build my own PCs, but you may want to use a Mac. The choice of computers will have some impact on the later stages. (You will need to consider 32 bit versus 64 bit operating systems if you don't go Apple to maximize your set-up's ability to process sound in real time.) The less the computer has to do in the background, probably the better it will work for recording, so simple is best, IMO. My next set up probably will be Linux based as Windows is turning to a kind of carnival with all the shopping crap, notifications, pushed updates, and various Micro$oft intrusions. I use Win7. I suspect that with Win10 you could be in the middle of recording something and Windows will decide to alert you to some great sale price on something. Great for cell phones and my 18 year old daughter, but bad for serious work.
3. Commit to an audio interface (USB versus firewire) and install it and iron out the bugs. There will be volume (level) controls at multiple stages of the system, learn where all of them are. It can be frustrating to try and set the recording level and have zero volume and then 20 minutes later figure out that the mixer in the operating system has set itself to off.
4. Wire up the interface to an amp and speakers. (I bought a couple of cheap Radio Shack Sherwood receivers that I use for my sound output and I built a couple of cheap monitors out of inexpensive Jensen guitar speakers in cardboard boxes) Your budget probably will allow for something nicer. I have kids.
5. Try a couple of DAWs (most manufacturers have lite versions for free) and select one and learn how to use it. That may be the hardest step of all. I would have loved to take a course in recording. Oh well. Wikipedia has a nice summary of propitiatory and free DAWs.
6. Chances are you will have to play around with the set up at that point to reduce that latency as much as possible. I have found that to be a dark art with some recording software (Damn you Guitar Rig!!)
7. THEN, after you have a stable recording system, and only then, begin to record your mates (or yourself) and shake out the bugs in the recording space, mic placements, sound levels, etc.).
Best wishes and happy Thanksgiving.
EDIT: Here's the link to the video about Focusrite consoles
https://www.youtube.com/watch?v=bJd8606oNNk