I will take a walk while holding him/her and come back.
I will carry him/her, take a walk and come back.
抱っこする:to hold / to carry (a baby in arms)
1)"抱っこしながら散歩して戻ってくる"
I will take a walk while holding him/her and come back. (him: boy / her: girl)
2) "抱っこして, 散歩して戻ってくる"
I will carry him/her, take a walk and come back (him: boy / her: girl)