1. Without knowing the idea, it may not even be a fundable idea. As they call it a lifestyle business. So this is always the hardest thing to do, Raising is a time sink.
2. co-founder will be hard to find someone to work for equity.
3,4,5 - yes , make some money, and outsource parts that you can. Hopefully your site will make money, and put it back into the business.
So certainly a fundable idea maybe even more so as the others don't a significant recurring revenue stream due to their model.
It does have a lifestyle business aspect to it, but as stated they are people looking for the monthly option already. So there will be lifestyle + recurring revenue depending on the businesses needs.
Get a job at an established company doing this. If your product was independently developed in your spare time and in an area that has other companies in it you're probably the sort of person that other people who have money want to hire. There are developer jobs out there that pay $100k a year. It's likely more than you'll make with your startup and might give you more time with your kid rather than working current job + part-time at night. It might also be less stressful and eliminate concerns about taxes/incorporation, etc. There's a boom on right now for talent with a demonstrated interest. You might want to consider taking advantage of it.
Actually I am working 100% on this startup, day and night. No other income. It is a fully setup company, family trust, pty ltd (similar to inc, in the US).
I have had job offers of over $200k but startup life is for me. Getting a job is lower on the list than going bankrupt :)
I know I can't be alone in hoping to see more from you on this. I'm curious what the service is and will watch for another post about a $9.95 one-off fee Perth-based web business :).