ausmalen
to paint
To paint the walls and ceilings of a room or building.
Wir lassen nächste Woche die ganze Wohnung neu ausmalen.
We're having the whole apartment repainted next week.

to paint / to color in / to imagine
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to paint
To paint the walls and ceilings of a room or building.
Wir lassen nächste Woche die ganze Wohnung neu ausmalen.
We're having the whole apartment repainted next week.

'Ausmalen' (to paint / to color in / to imagine) is a separable verb. The prefix 'aus-' goes to the end in a main clause. In subordinate clauses and in the infinitive with 'zu', the verb stays together.
Er malt sich die schlimmsten Szenarien aus.
He imagines the worst scenarios.
In the meaning 'sich etwas ausmalen' (to imagine something), the verb is reflexive and is used with a dative pronoun: 'sich (mir, dir, ihm...) etwas ausmalen' (to imagine something for oneself). What one imagines is in the accusative.
Kannst du dir ausmalen, wie glücklich sie sein wird?
Can you imagine how happy she will be?
The expression 'sich etwas ausmalen' (to imagine something) is very often used in negative sentences or questions to express that one would rather not imagine a terrible situation.
Mal dir bloß nicht aus, was alles hätte schiefgehen können!
Don't even imagine all the things that could have gone wrong!
The two concrete meanings can be distinguished by the object. If 'ausmalen' refers to large surfaces such as 'Zimmer' (room), 'Wohnung' (apartment), or 'Haus' (house), it means painting. If it refers to 'Bild' (picture) or 'Zeichnung' (drawing), it means filling it with color.
Wir müssen die Küche neu ausmalen.
We need to repaint the kitchen.
to paint / to cancel
'streichen' and 'ausmalen' can both mean covering walls or ceilings with paint. In this sense, they are very similar. 'streichen' is the more general word and also fits for individual walls, doors, or furniture. 'ausmalen' is used especially for an entire room or apartment, often in southern German and Austrian usage. When talking about renovating, both can usually be understood. However, 'streichen' sounds more neutral and more common in many situations.

Vor dem Einzug lässt Anna die ganze Wohnung ausmalen.
Before moving in, Anna is having the whole apartment painted.
Am Wochenende streichen wir die Wand im Wohnzimmer hellblau.
At the weekend, we're painting the living room wall light blue.