The price difference between cheap paint and decent paint is really insignificant. In addition to that, you might end up putting more coats of paint with the cheap paint and end up costing you more, more frustration and more labor (yep my first flip !). Home Depot Behr or Lowe's Valspar are very good and affordable and won't cost you fortune.
When it comes to color scheme, if it is exterior, i highly recommend using a color that goes well with the surrounding houses on the street (please for the sake of general esthetic of the neighborhood). I also think about what direction house faces. If it has so much sun during the day, i prefer not to use dark colors because it fades in time (hopefully you won't own the property by then, but i always want to do renovations in a way that it will last longer for the buyer too).
For interior colour, i prefer anything with hues of champagne, it is warmer than white or off white but calmer than yellow. I might put some accent wall or might go a little crazy in the kitchen or somewhere but in general I never use a color that you like today, but dislike tomorrow. This also might change according to the buyer profile in the area.
Anything with a little better quality always pays off.
