What are the loads in the house: electric baseboard heat; heat pumps; AC units; laundry; other motor loads.I am failing to see why you would need a 400 amp service without a proper load calculation.There is no code restricting the number of sub panels, they only have to have the correct install and protection.If I were in your shoes, I would connect with a licensed and insured electrician and ask for electrical audit. 

I’m looking at creating not only independent wealth but generational wealth.  

He can actually legally represent you case of an audit, where as not everyone can.

The only downside might be that 1) I won't have such a good anonymity as say if I create a NV/WY LLC, 2) the insurance won't protect me against a severe charging order, and 3)filing a 1040 have a higher chance of being audited than filing a LLC?

In the event of an audit, will they defend your study 100%?

Or just a 2nd or 3rd loan against the property.Issues with this are legion:1) For a 203K loan, you actually do need to use the money for property improvements, as they may audit you to make sure you aren't just scamming the system to get another loan.

As for managing and getting your RE license, the 2 year requirement is just the minimum you have to work under an employing broker before you can go independent, and has nothing to do with what you can do with your license. 

That means financial independence as I see things.

Employee or independent contractor?

And it is never too late to get started, especially if we are talking about working towards financial independence.