If I might recommend this publication to you, it will answer some of the questions regarding the practicalities and legalities of a venture of this nature.
The ownership of an "N" registered aircraft is limited to US citizens, resident aliens or Corporations (although you can also get a title held in trust).
It's an interesting concept.
http://www.cyberair.com/tower/faa/ps/content.html
[ 01 November 2001: Message edited by: Cyclic Hotline ]