I would divide it into 2 rooms only. Don't cramp your control room or you'll have problems monitoring on mixdown. Placing the wall at 14' is probably the best you can do and still leave some space for the other room. Concrete floors? Think throw rugs to tame the high freqs a little. Build you some 2' x 4' diffusors out of rigid fiberglass (Owens 703 or Knauf) and hang them vertically on one of the 2 walls that face each other. Do this for the other 2 opposing walls too. No need to do both opposing walls unless you really want to kill the room. Space them about 2 feet apart or adjust to taste. If you end up using diffusors on all walls then place diffusors opposite the 2 foot gaps of the opposing wall. Using rigid fiberglass again, cut across the corners in the room 2 foot wide from floor to ceiling. This will help control the bass buildup somewhat. Don't expect steller room performance (especially on a less than steller budget) but you can get it workable.
For recording: Since you'll only have the one main room you can record drums and bass (DI) at the same time, then rhythm guitar, then lead guitar, then vocals. You could do it all live if you don't mind the bleedover and everyone gets it right on the same take.
I'd advise you to build a staggered stud wall (don't forget the insulation) between the 2 rooms. A double wall if you can afford a few more bucks. Use resilient channel fastened to the studs (horizontally) to mount your sheetrock. 5/8" sheetrock instead of the normal 1/2" stuff. Mass is your friend here. I'm assuming everyone (including you) will be using headphones during recording. You're still going to hear/feel low freqs (kick, bass) through the wall so using monitor speakers during recording could be a problem. You just can't stop the low freqs without mass or distance.
All in all, your problems are: less than ideal room sizes, very hard reflective parallel surfaces (remember ceiling and floor are parallel) and probably a limited budget like the rest of us!!
Still, it beats using the kitchen (been there). Best of luck to ya.
DD