A few thoughts:
1) Plan the work and work the plan. Research each part/component of your studio before buying anything. Identify maximum number of simultaneous inputs/ouputs needed. Choose brands and models near the end of your research, keeping your overall budget in mind. But it all at once from one dealer (if possible) to save money.
2) For acoustic and electric guitar, 8" monitors are not needed, and a sub bass module is not relevant because the frequencies generated do not get low enough to need either.
3) Regarding gear, and leaving aside the player and instruments/amps used, the order of importance for decent recordings is:
a) Room and related room treatment;
b) Montiors and headphones;
c) Microphones;
d) Preamps;
e) AD and DA conversion;
f) Computer, DAW and software plugins;
g) Cables
4) A large portion of quality recording involves various recording skills, when tracking and mixing. Expect to spend quite some time to acquire these skills, which involve much experimentation, ear training, bias elimination and objective listening. Be patient here.
There's more, but this is a start.
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