Compressor for sanding? I WISH! I sanded this whole [Edited by Moparts - Keep it clean] car by hand with a tiny sanding block!

As far as separating the colors and such, I used some blue masking tape! I just tapes it off and painted one color, then changed the tape around after the other color dried. For the stripes I just used a can of rustoleum spray paint

If I worked straight through and wasn't learning as I went I think I could have had it all done in about 7 days. It ended up taking me about 2 weeks of painting and 1 week or sanding off my mistakes.

Polishing...I sanded with 1500g wet sand paper and that went pretty good. I tried some expensive 3M rubbing compound to rub it out and I wasn't satisifed. I took the advice of this thread and went and bought the cheap-[Edited by Moparts - Keep it clean] turtle wax rubbing compound AND polishing compound. I did the whole car with the polishing compound and the areas that didn't polish out very well I went back over with the hard-core rubbing compound to help it out.

The white paint came out GREAT and looks as good as any $1500 paint job. The red paint didn't polish out so well and doesn't shine as well, but it's not too bad, about as good as a $500-700 job. The red actually looked a lot better before I went sanded it smooth, it just had defects in it