My band has decided to lay down some of our original work so we can put it out for distribution, and we really dont want to rent out a studio to do the songs because of the price..

I've been looking into various ways to record and we all have decided, due to computer limitations, that the digital route is going to cost more than say buying a MTR and mixing them later as .wav files.

That being said, I was originally looking into the Boss BR-600, but after some research, we found that this will only record two simultaneous tracks and we'd have to constantly mix down.

We are wnating to record everyone together live to see if we can get a good recording that way, and two tracks will likely not do that very well.

So then I was looking into the Fostex MR-16HD, which has 4 XLR inputs and can do 4 simultaneously... which I imagine would be better than the boss.

Does anyone have any basic suggestions on which way I should take this? Keep in mind we're on a budget. Thanks.
...even when i'm sleepin' i'm keepin' it real.
Basic suggests...don't record it live. Alot of background noise on all the different mics will occur. And it's to difficult to get that 'perfect' take because someone gunna mess up one little thing everytime.
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Actually looking at the following right now:

Fostex MR8HD 8-Track Digital Recorder with 40GB Hard Drive

4 track simultaneous which is good for live recording. Only question is whether or not the soudn quality will be good, I imagine since it can separate the tracks (vocals, guitar, bass & drums) that we could export them to .wav files and mix them later...

but we would have to mic the drums with 4 mics and record that first I imagine, mix it, then record the bass, guitar and vocals later...

any advice or suggestions?
...even when i'm sleepin' i'm keepin' it real.
I don't think there is anything wrong with recording it live, as long as you work on mic placement and possibly baffling to avoid as much spill as you can. You'll need to overdub some parts though.

I would do what you suggested, with the four mics for drums, probably 2 overheads, kick and snare, then overdub the guitar, bass and vocals. If you need any advice on what mics to go with, then I can suggest a few on a budget. I can't give you any advice on that MTR though, as I haven't used it, but it sounds like it would be suitable for your needs.
There is poetry in despair.
right now we have shure sm58 and sm57 mics... i imagine we would premix them through a mixing board as well before putting them into the Fostex as it house no EQ controls.
...even when i'm sleepin' i'm keepin' it real.
That won't be necessary as you can EQ the tracks when you import them to your computer.
There is poetry in despair.
yah, drums may be a pain without having the guitar parts to lsiten too... and from what i read on the fostex... it is better to EQ the levels a bit through a mixer/conderser before hand... crap in = crap out.. then you can remix them again on the PC end at the backside.
...even when i'm sleepin' i'm keepin' it real.