Thank you
The insurance aspect is something I need to figure out. Although I suspect this is the same issue for all freelancer instructors in US. They rent an airplane from the FBO and flight instruct in it. Somehow the insurance must be part of the rental.
About keeping friends with the local instructors. I am definitely not looking at doing this full time and not getting paid. So I'll at most have 2-3 students... I suspect even 1 will be more than enough. Additionally I intend to figure out a way as to how not to make it cheap for the student... i.e. they will get to pay the money for something else... either for their own improvement in the aviation area through additional courses or flying helicopters, or towards some charity fund... for example for collecting money so someone else can get their license completely for free (if their dad and mom don't make any money, etc.)
Risking the license is same when I get paid... I'm not intending to cut any corners and even the opposite... if I'm going to be spending my time to teach it then the student will definitely have to spend their time to learn. If I don't like them I'll just cut them which will be that much easier when they are not paying for my time anyway.
I really hope you are right that I can do whatever I want if I don't get paid.