pros and cons of interst only.... do I get it right?

If I do interest only, I don't build any equity by making monthly payment. The only way to build equity is by appreciation. I also face higher rate fluctuation. :cry: A good side of the story is that monthly payment is so much lower. :D What else?

Could interest only loan be a good idea for an investment property that I am going to hold for cashflow for a while, under a certain circumstance? if so, what could it be?