Getting it "to sound like the record" is dependent on your market and audience. It also depends on the song.
WE do some "like the record" some "similar to the record" and some "completely unlike the record".
We did a couple of weddings where the brides asked for a couple of first dance songs that we would probably never-ever play again, so I bought them from a big karaoke site figuring I'd save some time.
Well, they were well done, but there is a difference between recording for the radio and live performance. The difference is in the balance and energy. This is especially noticeable at low to moderate volume levels.
The Karaoke tracks were done at recording levels. The snare was neither loud nor crisp enough, the bass was too mushy, and a few other things.
I ended up doing the songs from scratch with the help of BiaB on MIDI instruments so I could control everything.
I think I mentioned this before, but this is how I write tracks for my duo:
http://www.nortonmusic.com/backing_tracks.htmlInsights and incites by Notes