The conventional wisdom is indeed to "alternate" the acrylics and oils, and that is probably the easiest, but I will share my experience with going "all acrylic".
A few years ago when getting back into the hobby I invested heavily (or at least what is for me heavily) in Vallejo arcylics, initially the ModelColor line but more recently I'm buying mostly the ModelAir. I didn't really want to diversify into a bunch of oils just for doing washes (and I try to stay away from the solvents in general) so I set about figuring out how to "make it work" with what I had.
The formula I've come up with is about half paint, half Vallejo's "Glaze Medium" (just a little more medium than paint), and just a bit of water.
The Glaze Medium is the key as in addition to being a thinner of sorts it does a couple extra things: unlike water or booze, it makes for a homogeneous mixture (no nasty tide marks, just nice soft edges) and its also a wicked retarder. Even though it might still skin over quickly, the paint does not cure for a long time (I once screwed up when doing a based coat and used it in place of Vallejo thinner since the bottles at the time were identical.....the day after I was able to wipe it all off with a damp paper towel!). Point being it makes the wash reasonably easy to clean up with a wet q-tip as long as you are working over a nice even coat of gloss varnish. The bit of water gives it that little extra "slide" you want for it to wick into cracks and panel lines (too much water though will cause it to slide too much and you end up with it pooling at one end or the other, or worse, tide marks).
Sometimes, especially if the gloss coat was not nice and even, or fully cured, it will be necessary to use some alcohol on the q-tip for clean up. This will not damage the underlying acrylic if you work LIGHTLY (dont "scrub"!). If you overdo it and eat into the gloss a little, don't panic: the dull coat to follow will pretty much erase that. If you really overdo it though, yes you will eat through to the paint underneath and start crying because you now have to sand it all down and start over....or earmark that section for some heavy paint chipping/weathering....either way.