In Maryland live in nannies do get overtime of time and a half after 40 hrs. Also you have to pay her during those 8 hrs that she is able to sleep because as you stated she has to have a baby monitor on at all times. So technically she is working and still responsible for the child. She can't leave so she needs to be paid for those hrs as well.
If you offered the job as a 24 hr nanny for 4 or 5 days a week and let her live in the full week that would be ideal. Then you could hire a live out nanny to work fri, sat and sun or just sat and sun during the day maybe 7-7. That way the live in nanny won't have as much burn out. She could still work every night 7 nights a week while the child sleeps and during the day those 4 or 5 days.
I would be very interested in this position and am available starting this summer. I have 10 plus years of live in nanny experience.
nanny82am@gmail.com