We removed the paneling and just adding the drywall brightens the room...this is real rock and there was a "bar" area in the foyer that we demo'd but this fireplace is a beast. 

We ended up putting 3 contingencies down that they eventually fixed: a recalled electrical panel that had multiple double taps, a service and cleaning of the furnace (which ended up not in running condition so they installed a furnace from another house to replace it), and an adjustment of the hot water limit switch due to it not being up to temperature (the shower faucet in the upstairs would be cranked all the way left and it would be luke warm, but the downstairs was scalding in that position).I figured I would end up spending "x" amount of money getting to small claims just to have the case thrown out.

If you ever want to upgrade or change to high flow shower heads or add a shower panel later, you'll be glad you have all the water pressure you can handle available.Age-proof your bathroom.  

I kick myself for once opening up a stud bay per floor of nasty cement on metal lathe for risers in units on one side of a building, when on the other side a later electrician just fished the riser up through the plumbing chase and put the panel in a much better location.

Here are my questions and areas in which I hope for some sort of advice or suggestions:Wood Paneling-I want to paint the wood paneling a fairly light color.

I think if you know the devils your dealing with you can pick and choose your battles, opening your self up to a lawsuite absolutely   not,  running your wire in a reno, boarding everything than just having your inspector coming for the panel hook up I can sleep at night with. 

Are just those panels available?

Look at the rafters to see if they are pulling away from the ridge beam or is they are bowed or cracked.For the electrical, pull the panel cover and see if you have corroded connections, aluminum wire connections, wire sizes correct based on the breakers that they are attached to, ground wires visible, signs of burn marks, etc.For the plumbing, run everything at once.

I will have the new electrical panel installed by a pro and I will have the drywall professional taped because it would take me a year and a day to do.

He said the inspector's face seemed to "fall" when the inspector came back for the final inspection & pulled the cover off the panel & he saw how everything was neat, organized & correct.