Ok, It seems that most places are ~50 Euro a night, that's pretty expensive if I'm going to be staying there for a month---anybody have options maybe a little further out of Madrid where I can stay for a month cheaper, and that's not tooo far from Amor De Dios Flamenco School?
Thanks!

You could consider a bedroom rented in someone's house? There's a website called ComeToMyHome.com which lists bedrooms rented by host families. These bedrooms tend to be 13-24 Euros per night and located throughout Madrid city.

Saludos, MadridMan