Not Approved for 2nd Loan!

[Joe Conklin]

I just went to meet with a small local bank and they couldn't help me.  

I bought my first rental two months ago and have it rented.  However, the lender adheres to Fannie Mae guidelines and can't justify the income of the rental property until after two years of history has passed.  I imagine that this is a common problem, however it's one I don't know the answer to.  I view my options as the following.

1. Use a cosigner - Interested in people's thoughts on this.  I do have a family member that would be willing to cosign.  However, I do not want to drag them into this if I don't have to.

2. Find a lender that does not adhere to Fannie Mae guidelines.  I would most likely have to pay higher interest rates.  How do I find these types of lenders?  

3. Private Money - Don't have any prospects on this.

4. Hard Money - Rather not, last resort option.

Any better options out there? What are some thoughts on the ones I listed?