Years back our city’s classical music station made a midnight move and sold itself out from under its loyal listeners. I’m not even sure the staff knew of it until it had been sold, signed, and sealed. There was a lot of hollering of betrayal and the like, but things change and after over 50 years of Bach and Mozart it was going off the air one night at 10:00 and returning the next day at 6:00 a.m as Christian Contemporary.
The article and comments were great information to have before deciding how to go about getting a painting job done. I think the important point is that there are several key choices (who to do the work; color, sheen, quality, of paint; how many coats; amount of prep/repairs to be done and by whom, how long the job will take, provisions for changes, how detailed the contract needs to be; advanced deposit/progress payments/final payment; final inspection, etc.) that need to be made and it requires advanced research and planning in order to become well enough informed to make the right choices. Then it requires spending sufficient time to check materials and inspect the quality of the work while it is on-going, raher than waiting to do it all at the end. President Reagan's philosophy of "Trust, but verify." applies.
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.

To win work, contractors generally have to bid against other suppliers. To make an accurate bid, they estimate the time and materials required to complete the job. They measure the area to be painted and discuss the type of finish the customer requires. They assess the quality of the surfaces to work out how much remedial work they must carry out before painting. They might have to remove old paint or wall coverings, or repair cracks and other damage. They also calculate the cost of any essential equipment, such as scaffolding for exterior walls.
to be the devils advocate i have been a building contractor 20 of the last 30 yrs. i do know that if you go to a higher sheen of paint and or darker colors then any imperfections in the walls will show up much more dramatically…therefore the painter or a good drywall finisher is needed to prepare the walls extensively. this could cause more expenses…for it takes a lot of time to prep walls (smooth walls..not textured walls) and this cost has to be absorbed. 

House Painter Co

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