So here's what I started with: a cheapskate budget of $40 and an idea on paper.
I bought some 10 - 2X4's, a box of 3" coarse thread drywall screws, 2 - 4" door hinges, 2 - Carraige bolts/washers/nuts, 1 - 1X2 furring strip.
So I started by measuring out the dimensions of the twin matress, I added the thickness of the 2X4s to the measurements, and I began cutting out the pieces that I would need to get his bed squared away.
Then after all the pieces were cut up, I proceeded to make a frame with them.
After the main bed frame was assembled, I then added the swing out legs and braces for it.
Then it was off to my kid's room, I propped the frame up against the wall so I could get an idea of what it would look like and how high the bed would sit. And to mark the height necesary for the wall mounted braces.
Not only did I miter the corners but I also dadoed the center support into the main support for the bed.
I then reinforced the main bracket with another 2X4 and installed the door hinges.
Then I attached the bed frame, to the wall mounted studs, and I used a jack stand to assist in holding up the frame.
So this is what the bed looks like once it was completely assembled and in the closed position.
I made a video of what the bed's motion looks like. The quality isnt so great, it was taken with my cell phone. But for your viewing pleasure, here it is: