Should I cash out refi with interest only payments?

[Noah P Bonds]

I have a lender who has an interesting loan product - thinking about using it for a cash out refi. Loan terms: 40yr fixed, 5.375%, interest only payments are available for 1st 10yrs(that's the part I like). After that it's just a regular 30yr mtg.  I could potentially pull out $220k cash (which is 2x my initial money down) and only pay an additional $353/mo - if I do the interest only option. I don't plan to hold the property for more than 5-10yrs, but if I do, the current rents will more than cover the payments. It's also likely rents will keep going up here in Boise - I'm not too concerned about affording the new payment in 10yrs.

I really like the "4 pillars" of investing - this interest only option eliminates the loan paydown pillar and that is what I'm conflicted about. Should I stay put or take the money and reinvest? 

Thoughts?