You have several options here. I'm guessing you have a prefabricated booth with a vent attachment. Generally dryer vent pipes are ideal for venting the thing. These are metallic and you can find rigid or flexible ones at your local hardware store. I would recommend the flexible for a paint booth. They can constrict airflow on a dryer, but you won't be creating nearly enough with the fan from a paint booth. You can just run the thing to a window and vent it that way, or create a more permanent mount (just like for your dryer) on an exterior wall. It's easy enough to mount the vent pipe to a board and just stick that thing in an open window and then close the window until it hold the board in place, which also allows for quick and easy removal when it rains or you are done.
As for location, it depends on what you have available. I generally opt for the garage or basement (I prefer the basement as it typically has less dust than a garage). In the basement you have to worry about fumes and the rest of the house. Does your basement have ventilation connected to the rest of the house, if so the fumes may stink up your whole place, if not you need to worry about inhaling paint fumes and may want to invest in a mask. You can manage fumes by closing vents, but it isn't perfect.
The garage is great because you can generally open a door or crack a window, but then you have to worry about dust and temperatures. Dust you can manage with something to put over your models while they dry (a tupperware cake carrier if you can get one big enough perfect for most models other than 1:350 ships. Temps you can manage with a space heater/window AC unit. It's all a tradeoff as to what works best for you, but those are probably major factors to consider.
If you have a spouse, you may want to check with him/her to keep the peace!
Groot