What Anxst said - don't sweat it. Relax. You're new to homebrewing, so having a homebrew isn't an option yet, but, since you're trying to brew an Irish red, get yourself some Smithwick's and have one of those.
Stinking up the place: There is a particular aroma that goes with homebrewing, and there's no getting 'round it. It's not unpleasant by any objective standard, but no one has objective standards about odor. However, it doesn't linger. While you are brewing, it will smell something between baking cookies and making (and this is inadequate but the best I can do) making a good vegetable soup stock. Depending on what kind of hops you use, it might be even a bit citrusy or floral or herbal. It is not something your roommate should complain about, particularly if he can have a beer afterwards.
A closet is plenty of space to ferment in, don't sweat that.
The only thing you should be anything like worried about is sanitation. Clean everything. Clean everything again. Sanitize anything that will come in contact with the wort after it is cooled. If you use bleach, rinse rinse rinse until you can only spell the water. (And it will also be the smelliest part of the process.)
As for advice:
1) Chill the wort to room temperature as quickly as you can after brewing. If a chiller came with your kit, use it. If not, sanitize the bejeezus out of your siphon hose, and sit your (covered) brew kettle in a sink or tub of ice until it cools to around 80 - then siphon.
2) Make sure you get enough oxygen into the wort before you pitch the yeast. Shaking it for 5 minutes (a good count of 300) works just fine. The easiest way I have found is to use a sanitized immersion blender.
3) Take good notes. This will help you to make it right the next time.
4) Boil as much of the wort as you can - the higher the concentration of your wort, the lower your hop utilization.
Above all, have fun with it!
Happy brewing!
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