~s~:
Sounds flat out like their looking for a much needed guy with a State Lic.! Here, (NJ) any sort of 'deal'like that has to go before the Board, with all the required paperwork, and get an approval....beforehand. That's a 3 to 6 month process here, without them finding any 'issues'.
Your scenario above sounds like it could be a good gig, IF they are OK with your terms.
Unless someone is in really good financial shape, floating a substantial job in todays economic conditions is really tough. Using personal security (ie: your home) could turn into a really bad situation quite quickly.
I know from experience (before the economic explosion) floating a substantial payroll (75+k) & having a principal 'miss' a timely payment can wreck havoc on a six figure credit line real fast.
I wish you good luck! May your terms be agreeable, or negotiable, and hopefully a good run into the upcoming spring.