Cast on using provisional cast on - see video(dark yarn is waste yarn). For enclosed drawstring add eyelets after a few rows by yo, k2tog then knitting 3 then yo, k2tog. For elastic waistband skip eyelets
Continue knitting until piece measure 1" then do a purl row
Put the stitches from your waste yarn onto needles
fold and k2tog with cast on edge until you have a 1" opening, thread elastic through, sew it together then k2tog to close up remaining stitches. For enclosed drawstring thread elastic through one eyelet all the way around and pull it out the other eyelet
Dark yarn is waste yarn.