I made an offer on a double, it turns out that it's on two parcels with two separate tax cards but deeded together. 

My wife of 20 yrs is currently pregnant with our first child and I want to get us out of debt and build our savings.

Debt service on this is $2308/mo which seems really high.

Without knowing your age, I like the idea of pushing additional savings into good, no load index funds (I like Vanguard's S&P index but there are plenty of others) through a Roth if you're young enough, leave the rental portfolio as is and pay the debt down to nothing, since you're not inclined to really work at growing that end of it. 

TIAIf you have an electronic record (bank statement, credit card, accounting software, etc) of the transaction the IRS doesn't require you to keep receipts unless it's a cash (took real paper money out of your pocket) transaction for $75 or more.

You want a strong foundation that is compounding, not a house of cards with no base.2.

Financed by securing debt on a different asset in our portfolio where we could get the best terms given the rising rate environment.

Quote from @Irma Leibas: Quote from @Jaycee Greene: @Irma Leibas Many of my clients that do mid to heavy rehab projects have contractor credit cards from Home Depot or Lowe's, which reduces the amount of upfront capital needed for the rehab. 

I have no debt, a good stable job making about $60k+ gross, and $20k saved up with about $10k in my 401k that I'm thinking about using some if not all of it towards the closing costs of the home I want to buy.

The downside of bridge debt.