Help with car door paint

I bought my truck used and apparently in its past life someone tried to break in. I saw it when I bought it but am now coming around to fix. I guess someone tried to steal it or someone left the keys inside or maybe it was getting towed. Who knows. I bought at a dealer clean carfax. Point is I want to fix this. You can see there is even a bit of rust. How would you fix this?

 

If it were mine I would lightly sand the rust off, tape everything up, buy a can of Toyota 040 paint and spray it.

 

Thanks for the response.