There are basically two problems here LATENCY and SOUND QUALITY.

Here are some short abbreviated answers to explain and help you resolve these issues.

Latency is present whether we like it or not. The only way to resolve the problem is to reduce latency to an acceptable level.
This can be done by using a fast high spec PC.. a good quality soundcard and as direct an input as possible.....Certain plugins and fx can increase latency so using them post record is preferable.

Sound quality....rubbish in rubbish out is the old adage...Get the best mic you can afford...try to eliminate extra outside noise. Re SM57 or 58 Whilst I agree that they are not bad mics there are other mics just as good if not better in the marketplace and for serious studio work not the preferred option. Most pro studios will use a proper studio type condenser mic with a wider audio spectrum range.

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