With welding you can open things up & run a fan to ventilate okay, but with painting you'll not want breezes blowing crud onto the paint & causing it the dry too fast, so you've got a dilemma.
You should probably rig up a paint booth where you can control what comes in with the fresh air, & exhaust out all of the fumes in a place away from any windows & doors to the house above & next to on 1st floor of the house.
You should probably look at your local building codes for what they require for ventilating a paint booth/facility, & try to get close to that as possible. After all, you don't want to finish your painting & go upstairs/in the house to find your family overcome with fumes.
I also agree on having multiple fire extinguishers in there, & always keep one close by where you're working.
When we've design auto repair facilities for clients, they're never next to nor under residential uses, & we have to meet extensive ventilation requirements - even with use of water-based paints now required in CA & most other states nowadays.
We had a nearby neighbor blow himself up while spray painting in his garage with a water heater in there - so that's another thing to be aware of & isolate - anything with open flames. Even dust from sawing & sanding can be explosive in those situations.
So it makes sense to go a bit overboard to stay safe at your home.
Stay Safe!
Tom
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