....my co-founder and I are working on a SaaS product and there is a chance we may seek an angel investment. Do you think us wanting to keep our day jobs for 3-6 more months will be a turn-off to angels? Will it be on a term sheet that we have to solely concentrate on the startup?
You want them to invest their full time money.
They want you to invest your full time effort.
Would you want to fund someone who had alternative income and whose ability to leave the company isn't jeopardized because they still have income. Working full time on the project is one of the ways they know you have skin in the game.
Without it your company can fail without ruining your life. Its that chance of it ruining your life that helps an investor feel confident that you will bust your a-- to make it work.
I don't think so at all. We spoke to one a couple of weeks ago to discuss NoodleShare.com and that was one of the questions they asked (it usually is). But when I told them we aren't able to quit our day jobs yet, the investor's response was "of course, you gotta pay the bills right?". If you convey to them the passion, and really show that you've done your research and can with amazing clarity discuss the problem that exists and how you're solving it, then the fact that you have't quit your job yet shouldn't get in the way. This is of course if you are looking for early seed funding.