What to do about my rent house exterior?

[Riley Holt]

So I recently purchased a 2 bed 1 bath sfh that is approximately 720 sf. The siding is decent but there are several areas that need to be replaced and one contractor did say that it at one point had lead paint. It definitely needs repainting. My question is, would I be better off trying to paint and prep this house or would it be better to look into vinyl siding or some other siding material to cover over the existing siding. I have been looking into sheet panels but don’t know what everyone would recommend. My budget is prohibitive to under 2k. I live in Abilene TX in case anyone is wondering. Thanks for the advice.