Consumer reports has been testing paint for years, so they have lots of data. Right now they rate Home Depot's Behr as being the hands down winner for exterior. It's about half the price of Sherwin Williams or Benjamin Moore and does slightly better in each of the categories. The other paints they rate high are Glidden and Ace. Walmart (which is Glidden) falls a bit lower in performance but also cheaper than everyone in price.
I'm a General Contractor and I do a fair amount of painting. Behr used to be a pretty good quality paint, but I wouldn't put it at the top of any list anymore. They either bought out Kilz or Kilz took them over and now their paint is as bad as Kilz is as a primer. Right on down there with Glidden and the Ace brand stuff, which I believe is Benjamin Moore.
Sherwin Williams is as good as you will find, but it's also at the top of the price range. Even with my contractor discount, I only go there if that's what's the client specifies, or it's one of those jobs that needs the very best. Otherwise, my go to paint is Valspar at Lowes. Signature for indoors and Reserve for exterior.
Since the building has never been painted, you should brush it clean with a good quality house wash. I prefer Jomax, but most of them are pretty good and will get the job done. You want to get the dirt off the wood so the primer can soak into it. NEVER pressure wash a building. You force water into areas that there shouldn't be water, and then it will take months for it to dry out. This will cause mold to grow and attract bugs. It will cause the paint to fail and it will remove caulking from areas meant to keep out rain water.
Zinsser makes the very best primer. There are several levels to choose from. Their BIN oil based primer is as good as it gets, but it's very watery and miserable to apply with a brush or roller. It sprays great!!!!! I use the water based 123 for most everything unless I'm painting with oil based paint. Then it's the BIN. Spend the money and take the time to use a quality primer. It is more important then the paint!!!! And just to make sure you understand, there is no such thing as paint mixed with primer, that is a sales gimmick for their better quality paints. Nothing replaces primer. Sherwin Williams also makes some great primers specific to what you are painting. They have one for raw wood this works great. If you go to Sherwin Williams, ask them for their advice and listen to them. Of all the sources for paint, they are the most knowledgeable and trained. I like Lowes, but you will never find anybody with any real world experience or knowledge about how their products work on a variety of condition. They just know what the label says and are there to sell you paint.
Either latex or oil will do you fine for the finish. Oil is a paint to apply, but it is harder and stronger then latex. It might crack on you before latex does due to the elastic nature of latex. If it was mine, I'd go with Zinsser 123 primer and Valspar latex paint. In fact, that's what I use all the time for my own projects.
Eddie