I also use acrylic craft paints. They're about 2-3 bucks at any craft store. Not sure of my ratio...likely in the 1/10 (paint/water) range, plus a drop or two of dish soap. I use enamel paints exclusively, with clear lacquer gloss over top. The water based wash won't "eat" into the lacquer. If you put a wash over a flat finish, it will stain.
After I have glossed, decaled and glossed again (to seal in the decals), then I'll apply the wash. Dip brush in wash bottle and swipe it across a wing...rub it in with my finger, I just keep going until it's almost dry, then move on to another section. For a typical 1/72 fighter, I'll "wash" the whole thing, before wiping away the excess with a soft, damp cloth. For larger models, I might only wash half, before cleaning it up and moving on. The longer a wash sits on the model, the harder it is to get it cleaned up!