Picking exterior house paint colors is a lot different than picking a color for a shirt or a car.  It may help to drive around to observe colors that other homeowners have combined on homes that are of similar size and design as yours.  There are also online resources that provide homeowners with the ability to create virtual makeovers of their home by combining colors together through their software programs as well.
In Mark Twain's classic "The Adventures of Tom Sawyer," Tom tricks his friends into painting his aunt's fence. You probably won't get that lucky, but there are good reasons many homeowners keep their painting in-house. No building codes apply to interior decoration; if you do something dumb, you don't risk life and property as you would if you were, say, tackling a rewiring job; and because labor typically accounts for 80 to 85 percent of the price of a paint job, you'll save a ton by doing the work yourself.
More recently, professional painters are responsible for all preparation prior to painting. All scraping, sanding, wallpaper removal, caulking, drywall or wood repair, patching, stain removal, filling nail holes or any defects with plaster or putty, cleaning, taping, preparation and priming are considered to be done by the professional contracted painter.

Historically, the painter was responsible for the mixing of the paint; keeping a ready supply of pigments, oils, thinners and driers. The painter would use his experience to determine a suitable mixture depending on the nature of the job. In modern times, the painter is primarily responsible for preparation of the surface to be painted, such as patching holes in drywall, using masking tape and other protection on surfaces not to be painted, applying the paint and then cleaning up.[2]
When selecting a color scheme for the home’s exterior homeowners can choose color options that will correct flaws that they may feel exist with their home and property.  Some examples include utilizing two shades of a single color to make a home appear appropriately sized when the home may be too large or too tall.  To accomplish this effect individuals will want to place the darker tone on the upper level of the home’s exterior.  Smaller windows can appear more proportionately sized by trimming them in a lighter tone of paint.  Darker colors make a space or feature appear smaller.  The same effect can be obtained for homes positioned further away from a curb.  By using lighter tones the home will not feel camouflaged.
A thorough scrubbing is a must before painting any exterior surface. It removes the dirt and broken-down paint residues that keep fresh coats from adhering and gets rid of mildew that grows on paint in all but the most arid climates. Most contractors clean with pressure washers, but in the hands of someone unfamiliar with the equipment, these can gouge wood, shatter glass, and drive water behind siding and trim. Using a hose, a pump sprayer, and a scrub brush is slower but safer, and just as effective.

Back to the article. You can add water to all latex based paints / thinner to oil based paint. The tinting base has absolutely nothing to do with it. Say you are working outside and throughout the day you have to add a little water to keep the same consistency. If somebody really tried to add 20% to 50% water they no longer would be painting they'd be performing a whitewash or pickle finish.

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