How long you've owned the property decides the math, and that distinction is probably what tripped up the first attempt. On a newly acquired rental, lenders use the new-lease method: the appraiser's market rent (or your lease) credited at 75%, with the 25% holdback covering vacancy and expenses. On your triplex collecting $3,890, that would be roughly $3,000 toward income. Once a rental has a full year on your tax return, underwriters switch to the Schedule E method instead. They start with the net rental income on the return, add back depreciation, mortgage interest, taxes, insurance, HOA dues, and any one-time extraordinary expenses, then subtract the property's full payment (principal, interest, taxes, insurance, and dues). A net positive adds to your income; a net negative counts as a monthly debt. After aggressive write-offs, that figure often comes out far below the rent actually hitting your account, which tightens the math and may be exactly why a cosigner got pulled in. The complication usually lives in the tax return rather than the property. Depreciation is a paper expense, and a capable lender running the Schedule E analysis properly, with every legitimate add-back, sometimes moves a borrower from not qualifying to qualifying on their own. We'd strongly suggest a second opinion before you accept that a cosigner is required. We hear regularly from people told by one broker that they didn't qualify, when the real issue was how their rental income was being read. Have someone walk your Schedule E line by line first.