Wow! I can't believe you guys are talking about this! I've started a similar project. I got a wooden bunkbed (from freecycle of course) and I'm going to get plywood and outdoor yellow paint to turn it into a school bus playhouse! I'm so excited and will post pictures documenting the process. I expect the whole project to cost me less than $100, probably about $75!
So, if you're up for a fun project and have a handy husband to help, look for some cheap or free bunkbeds for the base!

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