Ideas for Converting 2 Bedroom into a 3 Bedroom?

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Q: I'm about to move into a beautiful new apartment in my ideal location, but to keep within my budget, I had to be a bit more creative about splitting a 2-bedroom apartment into a 3-bedroom space. Because after all, the more the merrier — but really, the more roommates, the less rent! The building didn't even have a floor plan available for this particular apartment, so I sketched it roughly myself. The foyer area is quite small with lots of doorways, and the kitchen is long and narrow. And then of course the living room is being converted into a third bedroom. So where/how can we create a common space for at least a small table to eat by or a couch to socialize at? The whole apartment is quite spacious, over 1100 square feet, but most of the space is inside each bedroom, and I'm not so sure about having a dining space inside my bedroom:

Another question is, does anyone have any advice for cheap ways to partition off that living room/third bedroom space so it has more privacy? (The person in the second bedroom has to walk through this third bedroom space to get to her room.)

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