My friend has bought a really dilipidated old house as a rental property. The walls are peeling cheap paneling that has been painted over. I don't know if anything is underneath.
I just was laid-off from my job and he says I can live there rent free if I do the work on it.
Question: Can I do any sort of plastering on top of this paneling ( only half a wall doing wainscotting on bottem half)and can I use drywall joint compound?

Well I guess no one is sure or something.
That's ok because after posting my question I did more research and found that this is a viable means of covering paneling. It will be cheaper than ripping it all out and replacing it with drywall it just will require a little elbow grease and proper prep. I will post pictures on the HGTV's rate my space page as I progress if anyone is interested in my success.
Thanks again and hope everyone's home improvement projects work out the way they want them too.