My only concern are the property taxes for landlords.

Provide the lender tax returns showing you are reporting the  income and paying taxes?

The two apartments are one-bedrooms each, but cover the mortgage, taxes and insurance.

I think I remember Tom Wheelwright saying never put a tax shelter investment inside another a tax shelter.Thanks for your input.

With that expressed, it's my understanding I can file that with the IRS againt any potential tax return they could recieve that I would be paid back first.

I've been looking into my closing costs (~$20K) and taxes on capital gains and depreciation recapture.

This high cashflow is great, but it is being countered by slowing down my ability to get more financing for my next purchase as I typically need 1-2 years on a tax return to get rental credit from said STR when qualifying with a lender for the next purchase.

Or property taxes don't double sometimes? 

But licensing,zoning,insuring, owning and operating one are a different story.This is what my initial plan is (This is all in theory) To enter a new buyer program to purchase our first home using both of our tax return dollars.

One of the greatest benefits to the Philadelphia market is the low property tax.