You never mentioned if you own the house or rent. Since you are NOT installing anything on the ceiling or wall I will assume you are renting.
All the advice given so far is good advice, unfortunately you have to decide what best fits your needs.
I installed mine on the ceiling, tied into the electrical in the ceiling devised a shelf like stand for the projector and it suits me just fine.
I painted the flat surface wall using a mix of paints and bordered it with Base board stock. The paint code I do not have, however I did use a Matte for the screen and oak not glossy for the border. Looks just like a screen.
As a retired Fiber optics Engineer I know the difference between Light Reflection and Light Refraction. You would know what I mean if you saw this in my living room.
Same theory as the projector in high school, looks good on the screen, then someone would hit the projector and it would move to the wall. Different base different picture !
If I extended my legs from the sitting position from the couch and you looked straight up from my toes, that's where the projector is located. I made the projector shelf 6" bigger on three sides, the front being only 3/4" extended from the lens, this makes it so the sound from the fan & light from the unit Reflected ! A bit over-Kill but, works for me ! That's the Key !
I held the projector in my hand, ran a movie from my laptop, after painting of course, held the projector at different lengths, heights and angles until I was satisfied with the Ceiling mount ! The wall would have been bad for my Tall family. The ceiling is painted with Flat paint to cut down on Reflection ! Semi-gloss or glossy ceiling would kill the mood. The border I made kills the light from the screen going anywhere.
I kinda wish I was there helping you, 4 eyes are better than 2. You could make a box, with air holes of course, that will cut down on the noise and light from the projector. I'm about 7 1/2 feet sitting from the projector and I don't hear/see anything.