Some Banks require the ground rent payment to be escrowed.

Looking at refi because expected rent would exceed refinanced monthly payment. 

Since that option would no longer be available I am assuming that I would need to save for a 20% down payment.  

I'd be carrying a mortgage payment of about $800/mo (which I could afford if I happened to not have any tenants at a given time.Any thoughts or directions that you all could point me in to make sure I'm up to speed on what questions I should be asking during the showing and what kind of costs I might be looking to incur that I should be watching out for.Thanks BP members!

We will have enough money for a down payment, and plan to use an FHA loan for the first property, however I currently have almost no income as I am taking very full loads in school to finish as soon as possible.

I think you ought to make their late payments as part of the deal so time does not become a problem.

Monthly mortgage payment is roughly 6000 not including property tax.

I would use the extra cash to make extra payments and if my calculations serve me well, I would get rid of PMI (another 450 or so a month) in about 6 - 7 years. 

Here are some idea: if the person that wants to invest can pull equity out of their home and use that, might be able to get a loan in that country with a sizable down payment.

More important than the down payment is that the property might not even be worth the principal balance on the loan.