#1 I don't have a smartphone, can I still set it up?
You should be able to as long as you can connect your computer to the internet with an ethernet cable or some other non wireless method.
#2 I want to connect my laptop wirelessly, only option for connection in my complex is w/an Ethernet cable. Can I use this to connect?
If your complex is already wired for ethernet then yes. You should be able to connect this to the existing wired network to give yourself a personal wireless network.
#3 Does this router's settings include dhcp reservation and individual device bandwidth settings?
It allows you to prioritize what devices get highest bandwidth. i will look into the exact set up tomorrow and post back
#4 Anyone knows how many characters allow in L2TP configuration?