When requested by the party contracting for renovation services, must use an EPA-recognized test kit or must collect paint chip samples, submit them to an EPA-recognized laboratory, and obtain test results from the laboratory to determine whether components affected by the renovation contain lead-based paint.  Note: you must assume lead-based paint is present for housing and buildings covered by this rule, unless testing is done that determines the components affected are lead-free.
Oh, where to begin? Let me start with 'watered down paint'. 25-50% before the material gets to the site? Impossible. You would basically be painting with water at that point. It would be less of a hassle, and cost, to simply use proper material. You would be forced to apply three coats instead of two, as the coverage would be horrible. Whatever cost you think might be saved in materials would be lost in labor.
Inspect the surface area for holes, cracks or other problems and apply acrylic caulk to fill them in. Use a putty knife to smooth out the caulk and remove any excess to prevent bumps. For particularly thin or narrow crevices, you may have to use your finger to smooth out the caulk. Caulk contracts and shrinks, so apply a second layer once it's dried.
Before we start, you will have to choose your color. If you would like to replicate a color already on your wall, you can use an old can of paint for reference, or you can take a chip to the paint store. We can help you identify the color, the finish, and type of paint with our visualizer tools, and we also offer a Color Consulting Service if you need help coming to a decision.
A fellow (actually lives in the same neighborhood) by the name of Wayne Hickey (843-655-0366) painted the ceilings and most of the walls of our house in February 2017. He got paint all over my light fixtures, all over my trim around the doors, and had visible lap marks everywhere on the walls. He came back and rectified some of the problems, but not all, as I have noticed as I have had time to look more carefully at the work he and his assistant did. His assistant had no idea (not a clue) how to roll paint on a wall or ceiling. Some places were not covered. He said he would pull nails for pictures and then re-insert the nails exactly where they were. This he did not do as he promised. He painted over the nails. His assistant had no idea how to use a paint roller. I have painted all my life, and would have done this work myself, but I just had a full knee replacement and the other knee is in bad shape. I just could not do the work. Wayne is a pleasant and congenial individual, but he can not cut in a ceiling or wall to my satisfaction - not even close. He should have a putty knife and wet cloth with him all the time to correct any paint that might get applied where it shouldn't. That is something I always did as a painter. I would not recommend Wayne to paint anybody's home. 

Generally, it will take a minimum of two gallons of paint to cover a room. At the highest end, paint will cost anywhere between $30 and $60 per gallon and come in three different finishes: flat, semi-gloss or high-gloss. Flat finishes are the least shiny and are best suited for areas requiring frequent cleaning. Semi-gloss finishes are a bit shiny but can also be easily cleaned. A high-gloss finish is stain-resistant and easy to clean. Traditionally, living rooms should be painted with a flat finish to allow the paint to stand out. Glossy finishes should be reserved for hallways, and a semi-gloss is best suited for trim. Invest in pre-primed paint whenever possible. This cuts down on time by combining the layering process. Almost any paint job will require a primer, which will cost anywhere from $7 to $15 per can. Primer helps the paint to stand out against the underlayer of paint it's covering, especially if the new paint is lighter than the old coat. You will need at least two cans of primer, if not more, to cover one wall. Here are some paint brands and their average price per gallon:

Home Painter Co

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