I started off by making sure there weren't any air ducts in the area I wanted to mount it. I did this by checking out the wall space above and below the floor I mounted the calendar on. Upstairs from it was a floor (not a wall), and downstairs in the basement there was a beam carrying the middle of the house, with electric wires snaked through. I was good to go.
I measured the dimensions of the back of the monitor - I didn't want to put the entire monitor in the wall due to its cooling requirements. I then carefully cut the drywall with a knife. Once I had the hole cut, I added wood bracing inside the wall - in order to get the wood to fit across the stud space, I cut the corners off the first wood piece so that I could knock it into place and screw to the studs. Then I screwed a thinner piece that gave me just the right spacing for the flat panel mount so that the monitor would be the right distance from the wall.