Overspray, smell and spray booths.

You are not going to want to run your air brush in your living room.  I suggest a paint booth, but that may be beyond your resources.  At the very least spray by a open window, ideally with a fan it it to expell the fumes.  Also if you do not have a paint boothwork then I highly suggest investing in a resperator, this is something you can buy at a good hard ware store.   You will want one specically for paint fumes.  This is not one of those paper masks you put over your mouth and nose for sanding.  It will have cartridges that need to be replaced every year or so.  IIFC mine cost about $25.00.  You could consider painting in a garage or on a patio if you can not manage to paint by an open window.  You can buy a paint booths or build your own, do a seach on this site and you will see some examples of home built ones.

P.S.  see this link if you are new to air brushing:

http://www.swannysmodels.com/CJairbrush.html

Hey Ted, welcome to the forums.

An airbrush has a lot more control than a spray can, and is pushing out a lot less paint.  Based on my experience, I would think that it requires a lot less ventilation than a spray can.  That said, if you're painting in your living room, I would consider a spray booth of some sort that vents to outside to be an absolute necessity.  Even something simple like the one just posted by Fokker1138 would do wonders.  Do a search on spray booths, and you'll find that we've discussed the subject on a number of threads here.  Although there are a variety of commercially available ones out there, a lot of us have built perfectly serviceable booths for a fraction of the cost.

Andy