@Guy Gimenez Well, if real estate doesn't work out for you you should consider journalism, or poetry, or motivational speaking! 

Whatever you work out is what it is. 

However, I also see it as an opportunity to potentially pass on risk (maintenance/upkeep/repairs) to an Airbnb host, assuming insurance coverages work out, and/or ask for a premium on top of what I listed the unit for.

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.