Well you can certainly do this and with luck get good results... but you are not likely to get a true professional looking result.
I have painted frames before but used a spray gun and compressor.
Painting should be done with good ventilation or outside if you can keep things from blowing onto the paint. I wear a special breathing mask when I paint or use chemicals that give off fumes.
You want to get primer, color paint and probably clear coat. Paint made for cars would be good and all three should be compatible. A car parts store should have this.
1. Strip everything off the frame and remove any stickers, decals whatever. If there is any rust on it you will have to use some fine sandpaper, or wire brush, (Dremel with wire brush wheel is easiest) to remove it.
2. You will have to scuff up the existing paint so primer can hold. Auto paint shops sell plastic sponge like pads for this but you also could use fine grit wet sandpaper.
3. Clean the bike with soap and water then dry it. Then clean it again with denatured alcohol.
4. Hang the frame by putting a string through the head tube with something large at the end so it can't pull through. Do the same with the fork but tape over the part that goes into the head tube to protect it from paint. Put a rag into the bottom bracket and tape the end to keep paint off the threads. You need to be able to move around it.
5. Get some good auto quality primer in a can and spray that on following directions. Let it dry fully and then scuff it up slightly using scuffing pads or wet fine grit sandpaper.
6. I don't know what kind of finish paint you can get where you live. But any quality paint for cars should be fine for you project. Follow the directions and don't try to put on too much at a time or it will run. It is better to do a lot of thin coats waiting a while for each to dry. (The amount of time to wait between coats should be on the can.)
7. Optional - you can spray a high gloss clear finish coat of the same type of paint you used for the color coat.
8. Let this paint dry for quite a while... several days. The longer the better. Some paint will not achieve its maximum hardness for weeks, So be careful when rebuilding the bike.
Good luck. The worst that happens is you screw up and get drips. You can sand these down with wet sandpaper and repaint. A bike is pretty small so a can of paint will go a long way.
