Depends, Painting Floors where theres water doesnt really last. Using TSP, Sealers and inspections is not gonna work for you since your probably looking for a temporary fix. Try this:go to a Paint store, not a Home center and ask for an oil base floor paint, put on 2 coats, wait 24 hours between coats and you should be good for a while…

The absolute best solution is to have qualified personnel determine whether or not you have asbestos and the appropriate mitigation measures.

There are home asbestos test kits for the DIY crowd, but I would trust these more as affirmative than dismissive… if it comes back positive, you know you have it, negative would still make me nervous if I have good reason to suspect the presence of asbestos.

Non-friable (that is to say asbestos that is stable, and not likely to produce dust) asbestos is not dangerous, as long as it is not disturbed. Scraping, scrubbing, and/or nailing would not be considered safe activities with asbestos impregnated flooring.

If you can make the basement dry, and you want new vinyl over suspect flooring, then I would put down a vapor barrier (carefully seal seams) and choose a heavy final cut to fit, laid in place. It will still be susceptible to movement (and therefore tearing), but may fit the bill.

Painting is an option, but I would be very, very, wary of how I clean/prep the surface to take paint (see friable asbestos discussion).

If you decide to paint, prep with a solution of TSP (tri-sodium phosphate) and water, rinse well and let dry.

Use a polyurethane paint (there are specific paint-over-vynil-floor paints) and follow manufacturer’s directions.

Be safe- and best of luck.

There will be all kinds of suggestions that you should take up your floor first…and really, I agree. But, since you have asked about painting the vinyl…the answer is yes. You will need to wash it thoroughly with TSP, then rough it up…so the paint will stick. Then paint to your heart’s content…and then seal with a proper sealer.

Paint is a pain…….it has to be redone especially in high traffic areas. Also I’m not keep about painting vinyl…….how’s it going to stick?? Put down new vinyl. The large sheets just float over the old or you can glue them if necessary. Of course all bets are off if the underfloor is coming apart.

Loose asbestos is the dangerous stuff, where is yours?

If the basement has been getting wet, I would definitely recommend removing the vinyl flooring first. You could have mold or other things growing under it.

After removing the flooring and cleaning anything underneath(pine extra may work well if you do not find anything), then I would paint with a good concrete paint.