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If you think it is lead paint, wear a dust mast and try not too breath the dust. Consider putting down a tarp and duct taping it to the bottom edge of the wall so it can catch all the lead flakes. If you dump the lead flakes right on the ground they can cause some issues, especially if you are on well water.

After many decades of home ownership I have concluded that Benjamin Moore paint is significantly better than other brands. Every time I buy house paint I am shocked at how expensive it is, so you will be tempted to but the cheaper brands from places like Home Depot... Spend the money on Benjamin Moore paint up front. It goes on so much easier you will have much less labor time and it covers better and lasts much longer.

Even if a paint has primer in it, use a primer anyway.

I have 12" lap siding. When painting, I use a roller. Goes real fast.
You may want to try a pressure washer before scraping. I think it may reduce your scraping quite a bit.

Paint it with lead-based paint if you can get it. Two coats.
Make your surveillance detail work a little harder.
Maybe I'm kidding, maybe I'm not.

I have a Greco magnum HVLP sprayer which gets the job done in half a day. Home depot Behr paint is pretty highly rated. I'm not a pro but sug all the painting I've done over the years the one thing that always makes the difference is surface preparation

I get a sweet deal at Sherwin-Williams, so I like to go there. They also have historic colors which is nice. It all comes down to prep work and a good primer. Since it’s wood siding, nows the time to replace any boards that have insect damage or rot.

Bro make sure you are wearing a mask working with lead. Not only that but ensure you are clean shaven and have a good seal on your mask or you are not accomplishing anything. Go to harbor freight and get an airless sprayer when you are ready to paint. Spray it on and back brush it. Quick and beautiful. Don’t even need to be a “skilled” sprayer since you are brushing it. Always work over tarps and keep a wet rag handy and running hose ready. That aura paint is pretty good shit. If possible use 2 same length step ladders with a plank secured in between, it will make the job much easier. Never let an edge dry, once you start painting a board take it the entire length and never start your stroke on the paint itself without going back over it from the nonpainted area and lift the brush off in a flinging motion to keep the strokes looking perfect. Depending on the height of the board you can do a few at the same time depending on heat and sun exposure of the wall while painting. Renting a man lift for an entire month will cost you the same as having an inexperienced laborer on the job. If you have a lot of painting to do at height, this is a huge time saver and will keep you much much safer.

You could try a pressure washer first and get a lot of the loose stuff off and clean dirt dust etc off. Don't go to close you can also scrub some while doing this to help but not necessary.

Then I wouldn't scrap to crazy from about 6 feet away it all blends in I flip houses mainly house on pier and beam that are the age of the house you are describing. I've seen idiots spend insane amounts of time scraping and sanding filling in with wood putty etc.. from the street what I did looks about the same of what they would do in ten times the time.

Good luck