Latex house paint makes great paint for models, I fiberglass my models then paint them with Latex exterior grade latex house paint, then put a clear coat, then decals, then a final coat of clear.
Now that I am flying with electric I don't need the fuel proof clear coat, any clear coat will work with electric models.
The paint is easy to use, clean up and you can get it mixed to any color locally (lowes, home depot, sherwin williams, etc..).
checkout this link for an article on how to paint with latex paints, the RC guys who fly with the large gas engines have been using these paints for quite a while.
http://www.houstonhobbies.com/tips/painting/latex/spraying-latex.pdfGood luck.
Fred Cronenwett