Question on rubberized roof patch


I have a concrete tile roof which butts up against a vertical masonry wall (imagine the roof ending at the edge of a chimney situation). The asphalt cement flashing that comes up from below the tiles are sort of bubbling and peeling off.
So last week I bought a bunch of those rubberized roof patch that you apply using a caulking gun. I first used a utility blade to cut off all the loose peeling areas and exposed the raw masonry. Then I applied a thin layer of this black tar looking like roof patch. Then I applied a fabric mesh over it, after that another coat,
Now I have two questions.
(1) Since this material is black, I need to paint over it as my house is white. Do I need specialized paint? I am thinking of using the Elastomeric paint which stretches more then normal paint? Is that the right kind to use? If so, do I need to prime it? I imagine this being rubbery it will be hard to paint on and need a few coats to cover the black?
(2) My repair is all on the wall surface where the previous asphalt flashing is. Now there is a joint between the wall and the tiles. I wonder do I leave that joint alone? Do I caulk it? or Should I apply the same rubberized roof patch over the joint and spread it over layer I already have on the vertical wall? I think since the tiles and wall moves with the temperature and settlement, if I use the same patch it might "pull" the layer off the wall as the joint moves. May be I better caulk it with another Elastomeric sealer (silicon based?) and not use the same material?
Thanks in advance,
MC
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It's a bit hard (for me anyway) to tell from your description exacly how your repair was performed (sounds like it might have been a repair of a pervious repair) but usually the flashing from a tile roof to a wall does not depend on this sort of seal - if your parch left gaps were there were none before you might find these helpful:
http://www.tileroofsoftexas.com/detailslg4c.jpg
http://www.tileroofsoftexas.com/detailslg7c.jpg
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