How to project a semi transparent copy of a gameobject?

I'm trying to create a Sims-like game focusing on interior design. I've been googling around and searching through the forums but can't really get what I'm looking for. Hope you guys can point me in the right direction. I've attached a simple illustration of what I'm hoping to put together.

If I had a model of let's say a chair, how do I project a semi transparent copy of that chair on the isometric plane below. Ideally i'm also hoping to show a colored shaft based on the object bounds connecting both the actual chair and the semi transparent copy.

Thanks in advance for any help given.