Thanks for all the input! I figured that some of you have gone through the same type of situation. Just to clarify a few things is that I'm self employed so no benefits and vacation.
I took over a "bodyshop" back in 2006. I say bodyshop loosely in that I'll do almost anything that comes through the door. I rented a shop on the backside of a used car dealership which now is selling semi's and trailers (the used car market went south a few years back and the landlord's son has been a truck salesman for many years).
Then last fall the landlord came to me with an offer of exclusively working on his stuff and letting me do some side jobs yet with paying no rent and utilities. He pays me a flat rate per hour vs my shop rate and also pays for all the shop materials. Its working ok this way other than all of my tools are getting used which I have thousands of dollars invested in that I don't get much compensation for.
The other shop does a lot of custom fabing and restorations on cars from the 30s to 60s. He also does rust repair on modern autos just no collision work. So its not just a "hobby" business.
I haven't talked it over that much with the wife yet. She wasn't that enthused when I took over the bodyshop and I'm thinking its going to be the same way with this place. She would love for me to have a 9 to 5 job, but she has her own business and when the kids are sick or whatever someone has to take care of them. She really can't leave at the drop of a hat like I usually can. What I do for a living can be done at any time of day.
Got a lot to think about I guess.