When I moved into my wife's condo last year, I lost room for my painting table and a bunch of other stuff. I've been trying different setups for painting in the living room. The one I've settled on is a small rolling table with some storage mounted on top.
I can sit at the couch or a desk chair and park the table right in front of me. My paints, jar of water, etc. are all right at hand.
There's a little more about it at
http://www.velociengineer.net/?p=36.