Qualifying for a second mortgage

[Peter Nierman]

Hi all, 

So I was recently looking at purchasing my first true rental property.  However, I apparently do not qualify for a second mortgage.  

I own a home in Seattle with my cousin, which has a mortgage of $350k.  Even though we co-own, the entire payment counts against me.  The other issue is I am paying $1450 per month on student loans.  

I have money for a down payment and could carry the mortgage of a second place on my own because I have renters in my home keeping my expenses down.  Any suggestions as to how I can buy a rental or should I just work on paying down my debt?

Thanks,

Peter