As you know, cash flow comes down to how much you have to put in the deal, what it produces, and how your debt payment is structured. 

"If the borrower(s) provides written evidence that the student loan debt will be deferred at least 12 months beyond the date of closing, a monthly payment does not need to be considered.

Friends of friends look good, anxious to take possession asap, even tell me openly they will be on the street by dd/mm/yy.We have to treat them just like every other applicant, even though we didn't sign up to be a Social Service for the County. 

@Tim Charles You can pay that debt off ahead of time if you want.

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.

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. 

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

Also, in a 1031 the seller cannot take possession of the funds so you giving him the downpayment to do repairs would be challenging.

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

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.