What to do with paneling

[Richard Dawson]

This is my second rehab property and the whole house has paneling on it including the ceiling. What is the best way to go with this? Should I tear it off and put up new dry wall, paint over it or tear it down and put up new? I want to make sure I don't make extra work for myself and waste money on expenses that aren't needed. I plan on renting out the house.

Thanks for your help!