I maintain a web archive of academic-style papers and short articles in the evolution of the SPR business model here (also accessible in the sidebar of this blog). But, in a nutshell, this is what I know and don't know:

1. What is proposed is legal, but I'll have to co-venture with someone with 3 years' security experience to get the license for the company -- study is here
2. Consumers are receptive to the SPR business model at the price point of ~$35-50/mo -- study is here. Still to be established is the location for launch. Most likely location will be somewhere in the greater Houston metropolitan area, since I don't want to move when I start my company -- but that is not nearly specific enough. Some further marketing studies and strategizing will need to be done.
3. Indemnification costs (pure premia) have been quantified at ~$5/mo -- study is here
4. Patrol staffing has been approximated, but field trials will be necessary to fully understand the cost structure -- preliminary study is here. What especially needs to be established are: initial and expected final geographical extent of coverage of first office, and estimate of number of staff required versus number of subscribers. If I cannot hire a security company to perform these trials, then I will attempt to pay a Criminal Justice professor to perform it as research with CJ students.
5. Regarding investigation, cops have the search power at their disposal which is a comparative disadvantage to security companies, but this seems not to be a big problem. First attempt at quantifying this potential weakness is here (pp. 14-16), followed up by a presentation in Oct 2009 (PPT, MP3). Forthcoming paper on the matter, due in March 2010.
6. The market for mediation services for victim-offender mediation are not well-developed in the US or Texas (don't get me wrong -- there are mediators, but they rarely do victim-offender mediations), and the market for victim-offender arbitration services is non-existent, and so the market will have to be helped along a bit in the beginning. Forthcoming paper on the matter, due in March 2010.
7. I don't have first-hand experience in security. Ideally, I might work for a security company for 3 years in the evenings to gain experience; but, that just won't work for me. Instead, I have read books by three security company entrepreneurs (Ira Lipman of Guardsmark, Ross McLeod of Intelligarde, and K C Poulin of Critical Intervention Services) and plan to conduct site visits and interviews with at least 3 security companies that perform residential patrol, hopefully including both Intelligarde and Critical Intervention Services. The rest of the security experience will have to come from a key employee or co-venturer.
8. I need 4 key first employees (these could be co-venturers): a patrol manager with experience in residential patrol, a dispatcher with experience in dispatch, an investigator with experience in investigation, and a salesman with experience in selling allied products, such as home monitoring services. While I have some "irons in the fire" to attract the right people, and have met candidates for these positions, none of these people have been definitively identified/chosen. Each of the key first employees needs to be ideologically aligned with the vision of the company.