From the other side of the fence on painting, I come from the do it as cheap as possible angle. First, I work primarily in craft acrylics. you can pick them up at walmart for around 50 cents and they offer a wide variety (head over to Michael's, MJ Designs or Hobby Lobby) and I grab two varieties of brushes, wide flat brushes for painting my base coat on, and detail brushes for everything else. From there, I grab a cup of water, some toilet paper or a paper towl (whatever's closer), and coat the mini in a white base coat. I prefer white over grey colored primers because I feel it produces a brighter finished product. Your primer will set your overall shade of the mini. Then I apply my skin color next, usually using a premixed flesh color. I hate having to go back and touch up a mini that's had the nose or knuckles flaked off over time, only to find i mixed that color a long time ago and don't have it anymore.
It just takes time and pantience to learn to get the small details, but you'll get it down after a while. One thing I started doing many many years ago was painting the eyes with the end of a sharpened toothpick. It can be thin enough to blot a small dot of paint perfectly into the recesses of the eyes. I finish it off with a clear coat seal to assure that paint won't flake off too easily. The best clear coat I found was a Ral Partha product, but since that company is gone, I can't find it anymore.
Now of course, this is just my personal technique that I've formed over the years. I've been painting minis for about 7 years or so now, and I'm comfortable with what I do. The main idea, is find what you feel is comfortable. I just used what supplies were on hand and made the best with it. One thing I don't do that many mini painters do do is brown wash or blackwash the figurine to darken recessed lines. I just paint into them directly and produce a less refined look, but my figure also doesn't end up darker overall. Here's a pic of a completed figurine of mine