Dont wait!
Why wait 20 months when you can go in 8. Then you can go again 12 months after that. I have been going for 30 years, most of the time on the cheap like you are talking about. You can do it for about 15-17 hundred. Man- that is 150.00 bucks a month. GO FOR IT. First thing check regs on cow tags. Cow tags are probably on a drawing unless left over tag{Good Luck}. Bull tags in most areas are over the counter- be sure and check. Good boots, Good glass, Good rifle, Good positive outlook. Make some calls to DOW and pick an area with lots of elk. Don't worry about trophy animals. Just have fun and look for numbers. Bringing home any legal elk is a blast and good eating. After you decide on an area make some more calls to local DOW people. They will give you general ideas, also the CO. website has some great educational tools. Google Earth is great after you determine where you want to go. Clothes- just wear your regular deer hunting clothes but be prepared for bad weather just in case. Most important-- Positive attitude-- don't give up! My success about 40% in 30 years.