Things to worry about when getting an ARM?

[Rohan J.]

I may be getting my first ARM soon (8/1 ARM on 30-year amortization, rates between 6-8%) to fund a quadplex, as it is currently my only option for financing this. What are some of the pros and cons of using an ARM instead of conventional fixed? Are there any other questions I should be asking my lender? My assumption was that I could just refinance in 5 years time...