A cheap way of making baffle boards is to buy some inexpensive sapele print doors and cover them with cheap contract carpet. Either borrow a staple gun or use carpet tacks...

Microphone suspension mounts can be expensive, but it's easy enough to make them from cheap plastic drain tubing and elastic bands!

Using the right type of microphone helps - an SM58, for example, is a close vocal mike more suited to PA use, and will sound a bit 'thin' for 'loose' miking.

Also remember that a close vocal mike will 'pop' on explosive consonants unless you're either touching it with your lips (not good when recording) or at least 6 inches away... the worst 'pops' happen if you're about an inch away.

Most importantly, never record using reverb effects and so on - you can put them in afterwards, but you can't take them out!