How Do I remove the existing paint & what kind of paint do i use to paint it? The weather is not good its a little cold during the day 40's & 50's. Is it to cold to paint? It has to be painted before our closing date in about 3 weeks.

scrape the old flakes off then you wont have to wait a day to paint...use a good masonry paint and close the deal...

the best thing to do is go to the pant store a lot depends on this what tipe of wood and you have to use 3 tipes of sandpaper and or stripier yes the store has it all good luck and if you need tile I'm the man i do tile and lots more u you can find me @ mudpuppiy@yahoo.com will travel

You are pushing it temperature wise. If the foundation is in good shape:
1. Check the forecast
2. The day before the warmest date, rent a pressure washer and wash the foundation.
3. The next day, paint it with water based Dri-Lock.(available at any hardware/paint store, (I even think Wal-Mart has it).