Well, I don't have a lot of experience yet but I'll share what I'm doing.

First, I am beyond thrilled with my Zoom H4n multitrack recorder. It has two pretty nice built-in stereo condenser mics and two inputs that accept XLR and/or phone connectors with phantom power. It has three main modes, stereo, 4 track and multitrack which is the one I use the most for songs. Way too many features to go on about here but for me it ends up being a complete portable studio in a handy portable unit! (http://www.zoom.co.jp/english/products/h4n/)

I do own an SM58 mic and the Behringer knock-off of that but have rarely used them for recording so far. Mainly use them when practicing with my "personal PA"; another extremely fun Behringer knock-off product! (http://www.behringer.com/EN/Products/B205D.aspx)

One more piece of "equipment" I really like is my homemade vocal booth! (http://www.podcomplex.com/blog/vocal-booth-solutions-for-home-studios/)

So, here is my workflow...

Place the H4n on a tiny tripod and situate it inside the homemade vocal booth. Connect a remote to the H4n so I can start/stop recording without touching the setup (this is important since my recording studio is now sitting inside the little vocal booth!)

Locate a nice corner or closet to try and control any reflections behind me.

Sing into the H4n using its built-in click track. BUT, now that I have BIAB, I've been creating a simple accompaniment with BIAB and exporting that to the H4n to use as my reference and I'm liking that a WHOLE LOT BETTER!!!

Next I just repeat several times, each time recording onto a new track. Since they are file-based I can record as many as I want and have 2 or 3 playing in my headphones as I record each new one. But now that I've heard what Noel does I think I'll try that. Sounds like a great idea to loop the whole song several times and record all vocal takes and/or harmonies in one continuous session.

Next, I repeat the process for my guitar. If acoustic I use the H4n built-in stereo mics. If electric I record directly into the H4n.

Then I connect the H4n to the computer USB and dump all of the tracks into a folder.

If I'm using any BIAB tracks I export them now as separate tracks.

Next I bring all of the tracks into Reaper and do any editing, track selection and panning before I get down to stuff like Voice Thickening, EQ, Reverb, Compression, etc.

Then I copy to my iPod and go for a ride in my car and try it on other systems to get a feel for whether I like the mix or not. At this point I mix using a pair of Sony consumer grade headphones so I think one of my next purchases will be some mixing headphones or maybe studio monitors. I understand monitors are better but I honestly don't see a time in the near future where I will have enough privacy to mix without using headphones.

So, I have been able to get some decent recordings using this setup and I'm pretty happy with where I am so far. But I also know I've just scratched the surface and may be doing things wrong or working too hard to get the results so I welcome any and all feedback about any of this!