More debt equals more amortization of the loan. 

However, there's a $130k lien from a previous loan modification due to a past hardship.

Sounds like they are short to close I would ask for a loan commitment before you waste too much time with this buyer.

FHA loan?

There is a world of difference between private loans and a hard money lender as well as rates charged.

I'm looking to get a loan for my first non-owner occupied rental property but my current lender is telling me my debt to income ratio is too high due to my student loans and mortgage.

Conventional loan How did you add value to the deal?

• Short term rental of one's own primary residence only• Not able to rent a room or primary residence for more than 120 days a year, or apply for extended home-sharing• Extended home-sharing would be granted if additional criteria are met (see above)• Possession of a Transient Occupancy (Tax) Registration Certificate from Office of Finance• Not located in a unit subject to the Rent Stabilization Ordinance (RSO)• Approval from landlord (if a tenant)• Home-Sharing takes place in area approved for residential useHere is the document - https://planning.lacity.org/or...I would give them a call and see what they say.

Any conventional loan products for property in a flood zone (not sure what flood zone 9 is) requires flood insurance, which can be very expensive, and rates have been rising each year. 

I always stayed away from Section 8 at that time and did Zero down purchase doing 80/20 loans and/or interest free loans as well.