Do your best to make up for this situation and have it sound favorable. 

Favor tends to go your way.

Some people think banks treat their own loans more favorably than that of their broker partners, but that's backwards and shortsighted to think so.

I know that it is common practice to use HML for financing flips, but what are the draw backs of using HML to get favorable pricing on a buy and hold then refinance to traditional financing right after?

Split the deal more favorably to them at first.

If you're relatively new and acquiring your first property, do it on your name because financing will be easier and you'll secure favorable rates.

Work with a good realtor who can craft offers in a way that they're favorable to you.

As long as the terms are in your favor and you can float the mortgage, I don't really see how you can lose.

The returns are more favorable than North Jersey and there are plenty of towns that have rentals available. 

Remember they are practically doing you a favor especially if they are very successful, time is money, and if they feel it is time wasted they'll be the first to walk away.