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 have heard good things about Berklee and Full Sail but have not personal experience.  My cousin is currently studying online with Full Sail and raves how great it is .  Online education has come a long way.   I work part time in a studio but I do it more as a labor of love to help kids than money since the pay sucks. I don't know too many rich studio owners so  I suspect you are definitely going to take a huge paycut.  You said it won't be a big deal since your wife will be working.  If she's cool with it, then you will be ok.  It can be an expensive hobby at first before you generate enough income to call it a job.  suspect a lot of guys spnd more on new gear and software than they actually make.

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.

Not to be a Debbie Downer but as I have spent the last thirty years in audio production I can tell you that NOW is not the time to be starting out. Unless you are independently wealthy. It, like the music "business" is less and less an income producing craft. It sounds like you have a good job and valued skills right now. Why not follow your passion on your off time? Again, sorry for raining on your parade.

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.

Thanks for the replies everyone.  I had actually considered opening a home studio and recording and producing people for free (or for a donation towards more gear).  I'm totally fine if it all it ever becomes is a part-time labor of love, as long as I'm not dumping tons of my own cash into it.  I wasn't sure if I got a degree from one of these online schools, if I could get a full-time job making pretty good money.  Sounds like that's probably not the case!  
 
Another option is to volunteer my time at the soundboard for a church or a local studio for free just to get the experience on consoles, professional gear, etc.  That's the hardest part right now, getting access to the more advanced gear that an actual studio would use.  
 
But 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?  
 
I think based on this feedback, for now I'll probably just continue watching videos, reading, and browsing the forums to learn.  DragonBlood, thanks for the tip on Lynda.com, I'll check it out.  I've checked out Groove3.com and really enjoyed their videos from time to time.  The online schools would be nice but I have a feeling that they probably cost a bunch and I'm not sure that I'd get that much more out of it than if I just continue to do my own learning.

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 :)

The guys who I know in pro audio got audio engineering diplomas from local "poly techs" and then cut their teeth working as apprentices- learning how to set up mics properly, roll up leads, act as gopher etc. where I live I think it is a poorly paid job but more a lifestyle choice. Lots of hookups.

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.

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.

Yep, sorry, totally missed and still don't get it. In my defence I have been drinking.