Best place to stay that does not involve taking out a second mortgage on your house:
The best way to experience the Masters, if you have a group of friends, is to rent a house for the week. Many Augusta residents leave town for the week and rent out their homes to visitors. The Masters Housing Bureau
is an easy-to-use, searchable listing of all properties. There are dozens of houses still available, ranging from mansions for $10,000-$15,000 to townhouses for three people at $2,000.
Honorable Mention: If money is tight you may want to look closer to Columbia, S.C., to get a decent rate. It's within an hour of Augusta and is a pretty reasonable drive.