Paying off debt vs. investing in LTR - Thoughts?

[Alex Kosley]

I am a 29 year old male, married, with joint income living in Dallas. My wife and I bought our first home in Feb. 2020 for 360k (4bd/2ba), worth roughly 500k now. We were fortunate to save enough to buy a new primary home this summer and upgrade (850k - better schools, neighborhood, location, etc.) and are now renting our first home for 3k a month to a young family with kids (roughly +$500 cash flow/mo). The first home was a 10/1 ARM at 3.39%, we anticipated paying off the home in 10 years so we took the lowest rate at that time. We currently have the below "bad debt" positions:
Student loans - 50k (6%)

Car loan - 29k (7.09%)

2nd lien (current primary home) - 80k (6.08%)

401k loan - 30k (9% - paid to yourself)

401k loan - 20k (9.25% paid to yourself)

Household income of 267k (not including bonus), roughly 100k cash currently and save around 6k a month not including yearly bonus's (33k + 14k = 47k net/yr) + 72k/yr (6k/mo x12) savings = 119k total net savings per year (rough estimate not including current rental)

Should we pay off existing debt with the exception of our home loans (not including 2nd lien) or invest in a 250k townhome* that can rent anywhere from $2,000-$2,750/mo? My goal is to be financially free and ultimately leave my W2 through scaling rental properties to manage/invest full time. I am fortunate to be in this position as is, but want more for my (now growing, first kid on the way) family to give them the best. 

What are your thoughts on what I should do?