The latency-free monitoring section on the VMPro is designed so that you can mix the signal coming from your computer directly with the signal you are recording so that the recorded signal does not have to pass through the computer system before being monitored and therefore being heard late. When using latency-free monitoring you must make sure that the track you are recording onto in your sequencer has monitoring turned off.
For recording there are a couple of options for connecting. If you have your mic set up in the same room as the rest of your gear then the following is probably best:
Connect the main outs of your sound card to the monitor ins on the VMPro and then connect the monitor outs of the VoiceMaster Pro to your speakers/amp. When recording monitor from the headphone out on the VoiceMaster Pro and use the 'headphone mix' knob to adjust the balance between the signal from the mic and the signal coming from the sequencer. Note that when no headphones are connected to the VoiceMaster Pro headphone socket the signal from the monitor ins is fed to the monitor outs but not the signal coming from the mic otherwise you would hear feedback. When the headphones are connected to the headphone jack the signal going to the monitors is cut and you can hear the signal through the headphones only. This is because when recording you do not want signal coming through the monitors and spilling onto the mic signal.
If you have a dedicated recording space which is separate to your control room set up then you should connect the main outs of the sound card to your speakers/amp. You should then connect another pair of outputs (if available) to the monitor ins of the VoiceMaster Pro and then you can monitor from the VoiceMaster Pro headphone out, using the 'headphone mix' knob to adjust the balance of the mic signal. In your sequencer you should set up a bus on which you can create a cue mix that you send to the VMPro and assign that bus to the outputs of the interface that are feeding the monitor ins of the VMPro. You can then send everything but the signal being recorded to the VMPro and then monitor everything including the mic signal on your monitors in the control room (make sure monitoring for the channel you are recording on is turned on).