Recently I completed some work on a basement remodel. Several of my friends and clients were really impressed by the oil finish I applied to the basement floors. It certainly isn't the hardest painting project to undertake but I have some pointers that will make it easy.
Any time you sheetrock dust is an inevitability. Before you apply a drop of paint you need to vacuum vacuum vacuum. Nest step is washing down floors the day before paint application. Using some TSP isn't a terrible idea either. Proper prep will leave you with a debris free finish and excellent adhesion.
The final step is choosing the right product. You don't want to put any regular old latex paint on your floor or porch. I really like Sherwin Williams Armor Seal as a waterborne option. If you're looking for bang for your buck Glidden Oil Gloss from Home Depot is a good call. Plan on throwing away your nap. You'll need thinner and/or spirits to clean your brush.
The floors below were done with the Glidden Oil Gloss previously mentioned. The oil takes some time to cure but the strength and adhesion is worth the wait.