Painting over wood paneling?

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I'm looking at an out of state BRRRR. I'd call it a C+ area. 1250 square feet 3 bed, 1 bath. There's old school 70's style wood paneling throughout the house. If I bought this deal I would like to just paint it instead of installing drywall. Looks like a cosmetic rehab aside from that. Purchase price $47,000, ARV $85,000. It should rent for around $850 a month. It's not a home run but it could work if I keep the reno costs down. Anyone care to share their insights on wood paneling?