Painting questions.

[DLIT]

I have to save my money in case we move here soon. So I've decided my only option is to rattle can it. I want to take my time, put multiple coats on it and then wet-sand it. Here's some questions.

1. Do I start to wet-sand once the coat is completely dry?
2. What grit of paper should I use?
3. What's the best paint I should use (because the plastics have to flex, I don't want the paint to crack)?

That's all the questions I have for now. I'm sure I'll have more.