Hey everyone. I am looking to record my own EP, it's just me and myself working on this and I would love help in sending me in the right direction for recording stuff out of my basement. I've heard that Line 6's UX2 is a good guitar interface, and what could be done about doing drum tracks? and I've heard condenser mics are also necessary? but please someone just help me out....My budget is really flexible

I don't have personal experience with the UX2, but I think you'll be fine. Drumwise, I suppose you could try a drum machine program from somewhere. They shouldn't be too hard to find. As for a mic, you don't need one if you go into your interface, unless you want to record the signal from your guitar cab.
The Line 6 interfaces aren't that reliable.
The UX2 doesn't have that great of mic preamps.

The Presonus Audiobox is the same price and will do the job better.
If you'd like to spend just a little more then the Focusrite Saffire 6 is great as well. (or the same price if you know where to buy it)

The UX interfaces come with Pod Farm which is pretty fair but you can just use this guide:
and get sounds just as good.

As for drums, you can either use a sample loader and samples. There's tons of great samples out there.
Or you can get a drum VSTi - the most popular ones being Addictive Drums, Seven Slate Drums, EZDrummer, & Superior Drummer.

What all do you plan to record? You mentioned condenser mics.
Did you want to mic up an amp? Unless you have a good tube amp then just go direct and use vsts. If you do have a quality amp then an SM57 can do the job.
For vocals and acoustic guitar you'll want a condenser mic. The Audio Technica 2020 is a good mic that can be bought for as low as 65 dollars brand new.
I assume any other instruments would be going direct.

Of course, there are more pricey things you could get if you'd like to spend more but that's a set-up that would be very affordable.