Thanks mate,
I should mention that I'm down under so I'm talking Aussie dollars. I'd be happy to spend upwards of $10k-$15k to get the basics (new computer, software/plug-in upgrades, monitors, AD/DA, and a couple of pres to start with). I realize this is a work in progress (as most studios are I'm sure!).
Some mates and I are chipping in to build a purpose built area for our band rehearsals and our own studio projects with the intention that we could make some extra cash further down the track. I know the actual studio build is a different story which we won't get into here.
Will mostly be a rock studio - live instruments mostly. I already have a few mics which I'll expand upon in the future (Beta 52, 57's, Sennheiser 521 - kinda like the 421, Neumann TLM103, Fostex MC10 pencils - cheap as chips and sound that way!). I also have a DBX 386 dual tube preamp. Heaps of quality guitars, basses & amps etc. (Gibsons, Fenders, Rickies, Hofner, Tobias, Orange, Gallien Krueger etc ... the list goes on ha ha)
Ok hope this helps.