Will voltage drop be a problem using 14/2 wire on a bedroom circuit
205' feet from the panel?


I would think so. I use to have a simple program that would calculate
voltage drops in volts and in % drop so you don't need to look it up in a
table or calculated it. It ask for wire size (or R + jX if you have it) and
length, single or three phase, voltage, and power factor.

A friend who will be helping me suggested I put a sub panel on the
second floor to cut back on the amount of wire run. While this may be
true I'm not that thrilled with this idea. Main reason being I assume
the inspector will want the sub panel in an accessable area (not a
closet) that will require a 'decorative' picture. Any thoughts on
this?


We use to put in subpanels when there are a few runs (a few runs is subject
but a lot of runs, subpanel is the way to go) rather than home run
everything from the existing panel. Could be cleaner and cheaper but you'll
be the judge.