It really isn't. I have helped Matt at Angry Iron on several of his trucks and quality parts just aren't cheap. Yes, you can buy a used axle for $500 and rebuild it, horse trade for lockers and winches and tires and build a truck on the cheap, but that takes a huge amount of time and effort to do it that way. Remaining is the fabrication and engineering required to create a truck that handles and drives well, has the proper capacities and so on.
Since you have read his build thread, I won't repeat it here, but you are looking at about $20 grand in axles and a transfer case suitable for a medium duty, cabover truck. This does not include installation, drive shafts, steering conversion, winches, bumpers, leaf springs, dampers, coilovers, air bags, wheels, tires or any accessories.
You could shave some costs here and there but doing an entire conversion for 20K is going to be nigh on impossible unless you have a shop, lots of experience and plenty of time to shop for deals. Tulsa Truck charges in the neighbourhood of 25 - 30 grand for a 4WD conversion and their stuff isn't anywhere near the quality of Rebel's or Angry Iron's.