I thin mine down 40%. The end up mix is 60% paint, 25% water and 15% alcohol. If I could find flotrol here I would use it.
You ave to play with the mix to get it to spray right. Different brands, colors, etc spray differently.
Here is the article I used
http://www.tompierce.net/190/html/paint.htm
Going the latex route is the way to go.