As a Builder, I wouldn't be interested in the deal right now (profit sharing/splitting), because there's simply too much work out there and everyone is turning down jobs.

I’m trying to work out a deal including seller financing and refinancing but am little confused on how it work out.

Even if the FHA program doesn't work out, they have other programs/products that'll be right for you and your goals. 

So, its cheaper and easier for them to work out a settlement with you and to pay.

Definitely, if you know what you are doing, keeping the costs low (which is difficult in this market with cost of material rising), it might work out. 

Can it work out?

Until it gets better or a deal whose numbers work out. 

I actually work out of the same office with you.

You can find out how to workout online too, but it’s absolutely nothing compared to having a well-qualified trainer with an exercise science degree (I know because I have one after failing on my own).

No one under age 50.Congratulations on saving,  it can really work out well, Real Estate is very stable.