I would suggest buying recording software and an interface for a pc also. Or find a stand-alone digital machine who's file format will convert easily to something a pc can use. The pc just can't be beat for ease of editing and mixing, not to mention all of the plug-in effects and tools that are available.
Back in 96 or so, I bought a Roland VS880. I'm still using that machine, and overall, I really like it. The biggest drawback is its lack of compatibility with a pc. I really, really wish I could convert all of my "virtual" tracks to a pc easily, and use the pc for mixing and editing.
As for recording, where one person does all the tracks, I do that all the time as a scratchpad for new songs when I'm writing. Sometimes I just hit the record button and play a progression so I won't forget it. Then later go back and re-record, building from there. But usually, I'll have a song almost finished in my head before sitting down to record.
Usually, I start with the drum tracks. My favorite for drums right now is SonicFoundry's ACID. (It's great that a hobbyist like me can get Mick Fleetwood or Siggi Baldursson as a drummer! They both have drum loop cd's for ACID.) I record some drum loops that fit the song, and if I'm not going to sync up to some other sequence, I throw in some time variations and other little tricks to "humanize" the whole thing so it's not too "clock-ish".
Next I do some rythmn guitar(s), then bass, then finally lead guitar. Of course, the instrumentation depends on what the song calls for, but that's the general order of things that I usually follow. There are really no set rules for this, whatever floats your boat, but it is easier for me to keep everything synced up when the drums go down first.