Edit in JSFiddle

$(function () {
    $('.button').prevAll().hide();
    $('.button').click(function () {
        if ($(this).prevAll().is(':hidden')) {
            $(this).prevAll().slideDown();
            $(this).children('img').attr("src", $('.button img').attr("src").replace("-more", "-close"));
        } else {
            $(this).prevAll().slideUp();
            $(this).children('img').attr("src", $('.button img').attr("src").replace("-close", "-more"));
        }
    });
});

<div class="content">
    <ul>
        <li>List 1</li>
        <li>List 2</li>
        <li>List 3</li>
    </ul>
    <p class="button">
        <img src="https://gimmicklog.com/demo/images/btn-more-300.gif" />
    </p>
</div>
<div class="content">
    <ul>
        <li>List 4</li>
        <li>List 5</li>
        <li>List 6</li>
    </ul>
    <p class="button">
        <img src="https://gimmicklog.com/demo/images/btn-more-300.gif" />
    </p>
</div>