LadyKate wrote:
Re-doing the walls is not an option. We simply don't have the money, and I am 99% positive that even if we did, we would uncover more problems and wind up rebuilding the house.
I don't suggest "redoing" the walls, if by that you mean removing the sheetrock/plaster and replacing it. I suggest instead using a 6" or larger putty knife and scrape it across the surface of the walls, holding blade at about a 20-30 degree angle to wall. This will 1) remove any particles, like dirt, stuck in the paint from when it was last painted, and 2) locate old nails and picture hangers still stuck in the wall, and 3) the knife will leave rub marks on the existing paint that show where you have irregularities in the wall surface.
Removing existing contaminants from the paint, like the dirt, will give you a much smoother surface for the next coat of paint, providing a better quality look. If there are old nails or other things in the wall that the blade can't get over (stops you from moving forward when scraping), if you have drywall (sheetrock) for walls, you can remove the nail and then use a hammer to dimple the spot where it was to knock the damage back in. You actually want to dent the drywall a little bit, quarter inch or so, so that you can fill and even the spot with wall compound (also known as mud). If the wall is plaster, remove the nail, and if the plaster has been pocked, take the corner of your putty knife and cut out the damaged area, leaving a small crater where the damage was located, so you can fill and level that spot.
For larger depressions or rises in the wall surface, you can "float" the surface with the wall mud, though depending on the size of the area to be leveled, you will probably want to switch to a 12-18" blade (paint shields work as well, anything with long, straight edge you can hold).
Of course, if was supposed to be a temporary arrangement, I would suggest having a gut check on just how much more "temporary" this arrangement might be, and how much money you want to spend that will likely be undone. Its one of the odd things about selling homes... people like the pictures in magazines of rooms with nice color on the walls, but when it comes to selling, homes with neutral palettes sell more easily. That's why most homes just built all have walls called "Contractor White".