I would find a way to validate that there is a path to $1m/year. Perhaps talking to some of the folks to see if they would commit to paying if you're able to deliver what you're building.
If you can get some written commitments in place, it will be a lot easier to pitch to investors if you decide to go that route, and you'll get a better valuation.
It doesn't sound like you are able to bear a worst case scenario at the moment since you have dependents, so you want to be as sure as possible before you lose your income stream.
Comments
I would find a way to validate that there is a path to $1m/year. Perhaps talking to some of the folks to see if they would commit to paying if you're able to deliver what you're building.
If you can get some written commitments in place, it will be a lot easier to pitch to investors if you decide to go that route, and you'll get a better valuation.
It doesn't sound like you are able to bear a worst case scenario at the moment since you have dependents, so you want to be as sure as possible before you lose your income stream.