Studio Room Treatment and Suggestions for Newb

Hi I'm actually new to studio construction and room acoustics but I have a studio that is currently located in my second floor loft. . I'll try to answer all the questions I need to answer as best as I can. Well lets see... I'm currently located in South Florida, Miramar. No additional construction either than what you see here has been made and we really haven't taken research into consideration for planning and development (floor risers, wall treatments, paralel walls?) considering I dont actually know where I could or need to start. A little bit about the room though, considering the closness of the speakers and the type of speakers they are, we dont get a very big deal of sound reflection coming back depending on the volume, considering we are on the second floor loft, we do however have the disadvantage of the sound interacting with the entire downstairs. Neighbors arent an issue at all and outside sound and noise isn't a problem at all either. What I'd like to do is clean up this sound situation. Considering that this is the only available (and affordable) location we can acquire right now, we really have no choice. I would buy some foam and put on the walls but I dont know where I'd put it. The couch makes a good bass trap. How well of one I dont know. Also I dont know if Bass is being grouped in other locations either. As far as reflection recal, when I snap, I'd say it takes a reverb release about 1.6secs to be unnoticable (almost irelavent but w.e.). Here's the actual floor plan of the upstairs: As I said before, no additional constructions has been made prior to when the actual house was build. No power conditioning, inner or outer wall treatment, or floor treatment. What was suggested to me is: A. Get some wall (Aralax) foam and either do it your self put the foam or call the support team in for help. B. Get some partitions (like what you see in business areas) and put it behind me. Then add the Aralax foam to the partitions. I'm not sure which would seem the most effective. The other idea I thought about is that I can keep the project studio as I have it now, (some of you may suggest to add something to the closer speakers?) and change my room into the mixing room A.K.A. Studio B: Then I'd just do the treating and adjustments that if you can suggest, to this room. These rooms are in close proximaty to each other and are both upsairs. Much help needed. I appreciate your input. Thanx :D Edit: Ohh last thing. As far as our Budget, well the studio is split between 3 investors so in about a 3 to 4 month span we could push out probably about $2000 more or less depending on what would need to be done.