There was dry rot but no termites.
What you need to do it get rid of the termites and dry rot first. You need to hire a contractor to do this and have it all removed and replaced with new wood before you can proceed. Check all windows as well and replace them if necessary. It will cost you, believe me.
After the dry rot/termites are done and gone, then the paint.
You need to hire a painting company to do a decent job.
First, they wash down the entire house with a pressure washer that will clean the debris, etc. off of the house.
Next, you need to have all of the nails set and then comes the primer. The entire house should be primed after the nails are set.
Now you can have the painting done. I would not recommend Sherwin-Williams and their product called "Super Paint". It supposedly removes the priming part of the job but does it work? I read the reviews of this paint and was unimpressed as they wanted to paint the house with this. I called the Sherwin-Williams store where I live and even they were hard pressed to recommend it.
The old painter I hired with his son has been in this business for many years. He used what he called "Peterson" paint on the house. His son hit the back of the house where the southern exposure gets hit hard with sun, he gave it 3 coats.
It took almost a week to do the job but they did a fine job. They put some of the paint samples I had picked out on a small patch on the back of the house. It did not look anything like the samples! I decided to change the colors to a more muted scheme.
It worked out really good and I hope you can find a place to do a good job. Don't skimp as it is not worth it.
The job I had done last year is good for 10-15 years if I live to see it!
Best of luck SHRED!