No you do not need a static IP to host a game, you can use a dynamic one.
Your port forwarding is very straight forward with most routers.
In Australia we normally do not have an issue with hosting servers from 'home' accounts. You will just end up paying a lot more if you exceed your bandwidth limit.
WaTy - probably easier to get with me on vent and I can talk you thru the setup.
Cheers
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