The law has been changed; that loophole has been closed.
Furthermore, you talk about running a (flight?) training school once you have your intrustors (sic) rating. I don't think you have done your research properly otherwise you would realise the enormity of the task of gaining all the necessary licencing to be able to hold such a position as CFI - let alone the credibility to attract customers.
Please read the links posted by pkb above.
HWB