My partner and I are amateur statis dancers... we would really like to seek higher level instruction/ coaching for our dancing but cannot afford to do so. Our current instructor suggests that we go pro so that we may make money by teaching and be able to seek higher instruction. We have received many compliments about our dancing from many respected people within the ballroom world, so we feel it might not be a bad idea.. Does anyone have any advice???

I don't know where you are, but your first step would be to carefully check the rules of your country's "amateur" dance governing body. You might find that you are in fact able to teach already, without ever becoming a "pro." The line between amateurs and pros is very very blurred in many countries.

We live within the United States and as we understand, as how our coach has instructed us.... if we teach and receive anything of monetary value, we will lose our amateur status.

that is unless we are within a top percentile of competitors... but as it is, we can barely afford to make it to most comps

Under the new USA Dance rules, there is no requuirement for a specific proficiency level or competition placement. If you pass what is basically the ISTD teaching exam, you can teach and still compete in USA Dance events, however you will not be able to do NDCA amateur events. Nor would you be able to do NDCA pro events, or USA Dance will reclassify you as a professional.

The exam is a major challenge and a worthwhile one to work towards, no matter if you stay true amateur, pursue teaching under the special provision, or declare yourselves professionals.