I very much appreciate all the responses and welcome any further ones. This is exactly the kind of information I am looking for.
@csl - I'll be the first to admit that I am ill-prepared at present; as I said, this coming to fruition would be several years down the road. Your site has a classy look about it. thumbsup
@Brad Lyons - I definitely agree with the second half of your post. Excellent advice. Regarding the first... My mentor has run a fairly successful studio for about ten years here and he has done recording, mixing and mastering. It can definitely work.. he has so much work that it's stressful to make deadlines, honestly. (He knows this is a good thing.)
From my experience and after many a conversation with musicians I've worked with... It seems that having an "all-in-one" type of studio tends to often give the initial impression that you're not really all that great at mastering, being it's own very delicate and difficult beast. Of course the product speaks for itself, but first impressions are what they are. Not to say you can't run a recording studio and master as well. Hell, with my ~$25k overall operation (mics, pre's, room, everything) I've "mastered" hundreds of recordings. " " . I suppose it all comes down to where the market is, but if I want mastering work around here I'd be hesitant to claim to do anything but that.
@Dave Davis - Your post is really enlightening. Things should be specialized for what they are from the start. Actually coincides with the second half of Brad's post. Can you clarify what you meant by "you're going to need racks full of both kinds of gear" ..the next paragraph you said "You don't need/want racks of outboard, and definitely avoid patchbays in mastering."
I understand about the patchbays and I know that you know what you meant; just want to be clear. Making connections and being part of the community is key, to be sure. The partnering idea is one that I won't forget.
@matt thomas - First off, there's no need to apologize. We're all adults here and every concrete view only furthers my situation and resolve. I really appreciate your honesty and that is what I come here looking for.
Reading back over my post, I easily come across like some stupid kid who knows next to nothing about audio or hard work and wants to just cash in on Willy Wonka's golden ticket.
I have made a living from my day job for years and have spent my evenings being the sound guy at divebars, playing gigs for beer and dinner, recording bands for free to make connections for other people, playing on the street with a friend so he could eat...etc...have had some lucrative gigs as well--- just saying I've paid my dues down in the shit too.
In the process I have made a fair amount of connections and despite the economy, there is actually quite a lot of audio work to be had around here. In response:
A> I make it a point to get more experience every day... This morning that means talking to you guys.
B> Have one. It's four 12's though, so my plan is to keep it and start a studio in my off-time until (hopefully!) I can run it full-time. (you may have meant a studio job, but those are awfully hard to come by these days.)
C> Not Applicable.
D> Certainly a good idea. I've known from the beginning I'm not even close to being able to do this on my own.
I'll of course agree with you that I don't want to be a failure to my in-laws... (especially with their money.) That is why I'm asking these kinds of questions.
I seriously hope the majority of people listen to your advice, because I'm sure you're right.
Can't stop though man.
@Nolan Walker - You said I am coming into this without an established client base or reputation, but I didn't give a full narrative of my situation by any means. It takes so long to say anything.... I was trying to be somewhat succinct. I do have connections with many musicians and several studios here, though not tons of them. I am originally from Alaska and definitely have a gem in that market, as bands there love to have a studio name in their liner notes from somewhere else, and I know just about everyone doing professional audio in Anchorage, including the gear retailers and their employees. I am also there several times a year for business.
You're absolutely right that there needs to be a demand for a business/product or else creating one is downright idiotic and foolish. As far as the free lunch....I'm no stranger to fearful sentiments of pissing away my in-laws money.

....thank you for the reminder though. Never hurts.
@trmchenry - I like that idea. Ohio is one of the only states I've yet to see.
The rest that you said has been my take on it. I've known that I would need more experienced talent than myself involved in this, but mastering does seem to hold a level of respect that recording has lost of late.
@Tarekith - Like so many of these, you're absolutely right. As I said above, I do have a client base to a fair extent but Seattle is by no means an untapped market and I very much appreciate your input as someone who lives here. If you have anything else to contribute I couldn't thank you enough for it.
Any opinions I have are what they are guys; I don't claim to be an expert and I am here asking for your advice for that reason. There are more responses that I need to reply to but I'm late for work and will do so later. Thank you all so much for your time and wisdom.