When I was painting my Necrons I used a three part "wash" on all of the joints. For the first part I used a Flesh Wash and would allow it to spread beyond the joints. Second, I used Chestnut Ink over the dried Flesh Wash area. The Chestnut Ink should be applied in a more controlled way, so that it doesn't "spread" the way the Flesh Wash did. This will create a very basic layering effect. Third, I would use Brown Ink, focusing only on the deepest recesses of the joint itself. This would make it look like the rust was at its worst deep in the joints.
Unfortunately, these three paints have been discontinued, but you should be able to find similar equivalents from the Citadel, Valejo or Reaper paint lines.
You can also use Blazing Orange in small proportions to go for that really oxidized rust look.
There are a host of good videos on Youtube for this as well. You should definitely check those out.