We're thinking about going this route, so please post back with updates if you do go through with it! Our timeline is more that we will likely both continue to work traditional full-time jobs until the kids are school age (financially we both earn enough that having one parent stay home from the get-go would not make financial sense, and my employer has on-site daycare, so if we can get lucky on the lottery with that we should be good to go for a few years), but once they are in school my partner would like to be able to quit his full-time job and start remodeling a fixer-upper (he does have some experience already in this arena, so I'm confident he would be able to do it) while also having a more flexible schedule to accommodate after school pick-ups, activities, etc. I would hopefully then "retire" to something more part-time a few years after that.
Like some others have cautioned, we're anticipating that the pace of any work he does will likely be very slow. My mother stayed home full-time and I saw how hard it was for her to get any kind of long-term projects completed, because there were so many competing demands on her time. In our case, our timeline is such that by the time he would be quitting his full-time career, we would have hit our minimum FI target, and my income is enough to cover all of our basic living expenses, so there would not be a lot of pressure for his efforts to yield an immediate profit, as long as he wasn't losing a bunch of money!