Are you using the multitrack mode? You Enable one track for recording, record it, disable recording, move to the next track and enable it for recording. As you record you will also hear the previously recorded track.
If you do not have some audio hardware designed properly for audio recording you may experience latency up to a few hundred milliseconds. When you play back both tracks they may be slightly off beat and you'll have to manually nudge them to match.
Angelo Lorenzo
Fallen Empire - Digital Production Services
RED transcoding, on-set DIT, and RED Epic rental services.