Thinking about changing career to audio production

I currently work as a project manager for an engineering company and live in the Houston area.  I have a bachelor's degree in mechanical engineering.  Over the last 4-5 years, I've realized that I have a huge interest in audio production and find myself constantly reading about it and learning about it.  Because I enjoy it so much, I am considering either going part-time or even full-time into audio production down the road.  Possibly even opening up my own studio.  I'd be OK with taking a paycut to do something I love and would be able to do that in a few years when my wife finishes with school and begins working.

For the meantime, I was thinking it would help to get a formal education in audio production so that people will be willing to hire me and so I can get some experience with the equipment, etc.  I see that there's a lot of online schools for music production, but I have no idea if they're really worthwhile or just a waste of money.  Also not sure what type of investment I'd be looking at.
 
I was looking for some feedback from those who do audio production professionally as to what a good way to get started would be.  Keep in mind I'm not in a position to quit my dayjob for now so it would have to be something I could do at night or on the weekend for the next year or two. Also, and I'm sure this will vary wildly, but what type of income range could someone starting in audio production expect?
 
Any suggestions or experiences would be appreciated!

I study online wth Lynda.com and the SWA Complete Sonar X2 and X3 bundle on the Cakewalk store.
Lynda.com is very good in that it's cheap and you get lots of lessons from people who work in music production.
Plus, if you wanted to jump to any other subject that interest you, such as video or writing, you can do that.
 
Lynda.com by far has the most options out of any other place I've looked. The Sonar X3 in depth training isn't good (but they cover like 6 DAWs and mainly focus on Pro Tools) and even give you files to work on if you go with the most expensive membership. (Which I find to be a necessity when learning audio)
 
You can apply all the concepts they teach in Pro Tools to Sonar X3 Producer and even get a class on the technical and scientific parts of audio.

Qualifications mean nothing. You don't get a job based on your qualifications. You get hired because of how good you are as an audio engineer.
 
Have a read of this:
 
http://www.soundonsound.com/sos/apr14/articles/education.htm
 
I think it is great that you can learn so much now from a course so I do see the advantages but remember it is them who are making a lot of money. There is just no guarantee for you.
 
I agree with yorolpal in that it is very hard right now. Don't give up your day job! YET
 
I survive but I also compose music and teach and play gigs and do other stuff too so it is a combination of those things that make it work for me right now.  But as far as audio engineering alone that would be hard anywhere.

rlaredBut maybe I wouldn't need that if I opened up a small studio since more and more things are moving towards digital? What would you guys say are the minimum hardware and space requirements for a basic studio?

Those concepts of spacing out a room and getting it right for recording are covered in audio courses on Lynda.
If you dont have money or the space you can always record (vocals) under a bed spread or use your car as a recording booth. John Lennon used his closet. You have to be creative :)

backwoods
To dragon blood: I'm not sure what the going rate would be for a recording studio in a car or closet. It's tough going from what I understand even for top flight studios.

Totally missed the joke and the humor of my statement. Right over your head. Crickets chirping.

Heh, many have used their bathrooms to record in.  I've used portable closet rods covered with moving blankets as gobos to deaden the area I was recording in too.  You do what you've got to do!

There actually is (or was) a guy who recorded his entire album in his car...which he had tricked out for the job. Didn't sound half bad. Wish I could remember his name, sorry.