So, you're considering just gambling on continuing (paper) appreciation?

You're encouraged to take risks (hey, it's a gambling city), permits are easy, the neighbors mind their own business, and I think you have a real chance of success. 

At this point in the consideration, it is a huge gamble for you and your family.

Here is the mathematical equation:Assets x ROI = Cashflow > Expense BudgetHere are the steps:Determine you annual Expense Budget based on how you want to live.Example: $75K/yearDetermine your Return on Investment based on your Risk Tolerance.Your Risk Tolerance is based on how wiling are you to risk losing it all when it comes to your incoming producing properties to where you would have to go back to work.Use a scale of 1-100, 1 = cash in mattress and 100 = I'm gambling the rent money a the craps table.Take your Risk Tolerance # and divide by 5 to calculate your ROI.Example: Risk Tolerance = 50, ROI = 50/5 = 10%Income Producing Assets = Expense Budget/ROIExample: $75K/10% = $750K in income producing assetsFor real estate, Income Producing Assets = Property Equity, not the market value of the property. 

I currently live in Evergreen Park Illinois which is a south suburb right on the border of Chicago so anyone in the area or even out of the area let's connect, inspire, and all grow!

With either route, I plan to invest in buy and hold rental properties to cover the student loan payments.So my dilemma is, is it smarter to refinance my loans at around 4% or take the gamble that the PSLF program will be around for the next 10 years and make the minimum payments at 6.8%?

Don't gamble.

It’s gambling and it will probably make you money if you can hold it long enough.

I have been looking in other areas in Cali and the bordering states.

I'm Looking into DSCR but am not sure if they'll do cross border lending.