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You might want to check out the CFM rating on any compressor you buy. One of the main reasons people have problems with compressors is they get caught up in HP and GAL ratings and ignore the CFM. Each tool you use has a CFM rating. Make sure you buy enough capacity to run your tools. This is especially true for paint guns! Many HVLP guns need 15-20CFM and it is rare to find a home compressor that has that rating.

In addition, put some kind of water trap on your air line. It will only be effective several feet away from the compressor, but it will help save your tools!