Best for spraying a house with latex is an airless. If you have RB&B or T-11 siding, then a good idea is to also have someone standing by with a paint roller on a long handle and "back-roll" over the sprayed paint to get it all to come out even. Unless you are well-experienced with it, you will be best advised to do the trim by brush and roller.
As with any paint job, the most important step is the prep before painting. Remove all loose and peeling paint, sand the rough edges, and then a good pressure cleaning (Don't skimp on the rinse. Paint does not like soap residue).
As for overspray, any spray method will result in it going down wind. Latex isn't too bad, but it will get on plants, decks, etc, and you will need to mask off the windows/doors with tape and plastic film. Best to move any vehicles out of the area or cover them with tarps.
What type of siding/surface are you painting?
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