Shop vac and a lathe dust hood would control the dust. Just get a good one with a hepa filter or similar. I wouldn't do it too late at night, but most of the time it shouldn't be a problem.
I used to do it and just stuck a large exhaust fan in the window and took out the screen. I did get asked to stop after 10pm by my neighbor though. Good luck.
Dario, Just curious, would you be talking about Keith Zimmerman? Chances not, but have to ask. I'm pretty sure that there is more than one guy who does this. We belong to the same club in Central IL, rode to Louisville last ago, etc..... He turns out of his closet in Normal, IL. I know he uses a Fein vacuum for the dust.
I spent the last 2 summers in an apartment (one of which was a studio) away from home. My dust collection system used a 20 inch high velocity fan from Walmart. It was attached to a large carboard box (from a TV) with an aluminum flex pipe coming out of the other end and a large furnace filter between them. It collects dust very well and is much quieter (and cheaper) than a shop vac. My neighbors could not hear it when it was running.