As I wrote before, this approach has several disadvantages. I believe the best way to record guitars is in a good studio with a good producer. But It is not always the best way to make the whole product (album, single, etc.) in your particular situation.
Music production is a complex art and includes thousands of details. You have limited time and resources so it is not possible to get 100% out of everything and you must move on. If you can produce yourself and you have (semi-) professional gear for it you can get at least 90% out of this and it is a good result. So, basically, there are two key factors. And problems.
The first is your equipment, and it is not a big deal. Really. It’s the easiest part - you buy it and you are fine. But the other part of the equation is. Far more than half of the home records what I’ve been receiving are damn bad. People cannot tune the instrument, cannot play, cannot record, cannot edit, cannot export what they recorded the right way. It’s not so easy as it looks and it’s very hard to explain why. But two or three albums with a good producer will make things right because you’ll learn a very important thing - where your part of making overall sound ends and the engineer's part starts. About 90% of inexperienced musicians don’t realize the importance of their skills and performance thinking an engineer has to make everything. And the other 10% try to do the engineer's job, a slightly better approach.
So do you ready for self-producing guitar or not? If you are confident about your skills, I bet you suck.