"Usually starts at the 5-6th time of cranking for 10 seconds."
Not good! Mine starts almost instantaneously. You will likly kill your sprag clutch/starter motor, with that sort of performance. Is your battery delivering its rated cranking power? I learnt, the hard way, that you should not persist with a poorly performing battery.
"Positions of throttle and starting carb do not seem to matter."
It should ! - Cold starting a 912 ULS requires NO throttle, FULL choke (for a second or so). Engine start, followed by part choke, rpm increases (if fitted with auto start). Close choke and increase/throttle to 2000-2500 rpm, for warm up. The whole procedure is almost one continuous action.
"So it may be a decision of replacing engine and wiring vs selling as is!"
Assuming reasonable care and regular servicing, as per the Rotax bible, 800 hrs is nothing for a 912 ULS (most will easily exceed 2000 hrs) .
If you like your Rans S7, I would be starting down the replacing wiring option. Start with the most likly offending system(s) and work progressively. Test between each change. Doing it this way will hopefully save time & money AND will result in an electrical system you can have confidence in.😈