I know of some folks in KC and Memphis doing new builds like this, but they are doing it within a much larger and long-term project that includes upwards of 300-500 units built over the course of 5-10 years.Assuming you're looking in Columbia, do you have a "B+/C" neighborhood in mind?

It is a very competitive market and units in the tens of thousands.

Is it realistic to ask for and expect to get at least 2 landlord references and 2 tenant references (current clients) if I am a " small time" landlord with one property, not multiple units?

Yes, most large traditional lenders only focus on 1-4 units and other properties that fit into a box. 

You will get some of these as well (This inquiry was for one of my 1500 SF 2 Bed + home office units)..... but by no means does this investment strategy warrant paying for a course.

It is a 3 unit airbnb portfolio with each unit in a different city.

The mortgage would stay under the seller's name.The buyer could then rent out the unit, renovate, etc. to increase cash flow or make more money.But aside from a possible "due on clause" being called by the mortgage company, what's the benefit to the seller?

If you're doing FHA, I'm sure you know you have to live in one of the units.

I am leery because it is such a small deal…just 1 small 1 bedroom unit…and not a great a deal unless maybe you are local and have a use for it…walk to community college.  

The investment portion of 3 units equals their reinvestment target of $600K.