Put down coat 1, allow to tack-off.
Blue tape it 1-2" in from the edge.
Rub the leading edge so it is locked down tight.
Scuff that taped off area.
Wipe it down with a damp rag (dampened with denatured alcohol).
Put down coat 2, allow to get tacky, pull tape.
Allow to tack off. Scuff the ridge of coat 2, if there is one.
Clear the entire floor.
Coat 1 should be the lighter of the two colors. Darker would bleed through the lighter.
Lastly, this works well with 100% solids coatings, not sure about the rust....
