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(Remember that for Vinyl recording you'll need a proper hardware (phono pre-amp w/ RIAA stage).

insert a new track (Ctrl+T)
arm track for recording by pressing the R buttom (becomes red when armed)
set the recording options for track by right_mouse_clicking the same R button. As normally a DRY signal is recorded (no FX's added) as stereo so, select Record:Input and Stereo Input (Left/Right) as showing in picture below. If you want to use FX's then use Record:Output option to record the WET signal (effect of FX is added permanently into recorded data so be careful w/ settings...)
if you prefer to remove subsonic area, you can use some EQ w/ properly set preset for this (need to record WET signal)
DC Offsets can also be removed by using plug-ins like JS Filters/dc_remove, AnalogX DC Offset, etc. (need to record everything WET)
3.1 Recording settings:

set levels by the peaks of your source (LP/Cassette).
start recording by pressing the RECORD button (or Ctrl+R) ... you don't necessarily need to pause while turning the side of LP/cassette (just clipthose parts then later).
NOTE! These following instructions are meant for those who are exporting to hard disk and not to CD (there are easy instructions for CD operations in Reaper User's Guide).
After recording, you either normalize the recorded data first and then split into pieces or just split into pieces. Normalization feature can be found by activating the rendered data showing up in time line and then pressing F2 key (or by right_mouse_clicking the track and then selecting the Item Properties option, or through menu options
4.1 Splitting a track into pieces
select the track you want to clip.
point the clip position by clicking the timeline (zoom by rolling the mouse wheel or through zoom buttons to get the exact position marked).
If you feel the snap feature is not good, disable it by pressing Alt+S combination
When mark is on its place, press S key to split. Mark all neded split points the same way.
NOTE: This process can be let Reaper do automatically ... just select the track, Edit -> Item Processing -> Auto Trim/Split selected ...

When finished with split positions, you can either drag those clips to it's own tracks as shown on picture below or drag them into beginning of the tracks directly as its the final target.
an example (snap is recommended to be enabled when moving pieces this way)

Now as the Consolidate/Export track feature is used for to prepare those final files, positioning pieces to individual tracks as follows is needed.
Move everything to 0:0:0 and name tracks if you like to (artist-album-01-trackname as for an example)

4.3 Fade In/Out
If you prefer to add fades, select all clips and then select all tracks and then press F2 (select either Yes or no from popping up dialog (you can adjust all at once or one-by-one)).

When all above is done then just Start the exporting routine
5.2 File -> Consolidate/Export (saved as FLAC files in my example)
set needed options

press Process button to start exporting
NOTE! Another weakness in Reaper is that it's needed to modify the tracknames after exporting since there are some default information added ...
Later tasks as like the file naming and taggings can be done easy w/ software like MediaMonkey etc.