Former .NET enterprise dev, current Rails consultant here.
I did this with a twist, if you can swing it.
1) Find a local client that is looking to do a project on the cheap - someone who has an Elance budget but is uncomfortable dealing with someone remotely.
2) Propose to do this project pro-bono if they budget the availability of a sr. resource for mentorship - say 5 hrs a week.
3) Put in reasonable constraints AFA availability, estimates, testing, etc., that befits your jr. status. Ultimately you want your mentor to guide you as much as possible and the client to understand this relationship. It shields you from unreasonable expectations.
Doing this, a) you get to work on a real-world project (it pushes you forward faster with issues that a side project usually doesn't... if for nothing else you're interacting with others on their schedule, their whims), b) you get on-hands training, and c) you get access to the networks of your mentor/client if the relationship is fruitful.
I did this back in 2012 - the only work I had done prior to this was going through the Hartl Rails Tutorial. The initial project lasted for 4 months @ ~20hrs/week and I was paired with someone who was an early engineer from Gilt Groupe. During this time I continued to work my day job.
Toward the end of that project my mentor brought me the opportunity to bid a long-term gig. I quit my job the day the that contract was signed w/ about 3 months of financial runway. A few months later he brought me another, and that work kept me going for over a year at an overall cashflow greater than I had made at my enterprise job. Toward the end of these engagements I started consulting for a local startup which converted into a FTE situation for a year and a half. Now I'm back consulting on another long-term project by way of a recommendation from the design team on one of those earlier projects.
The one thing I will say about consulting is when you're starting out communication is more key than technical skill. Just be open w/ the client, you're both making concessions in such a situation.