The deal that feels safe is not always the deal that is safe.
Most investors think if it has cash flow, it's a good deal. That's just fundamentally not true, and it's an amateur way to think about it.
Cash flow can mean your business plan is working. Or it can mean you got good macro market debt terms, and those don't last. The second that floating rate adjusts up, your cash flow goes negative, because it was never the deal performing. It was the cheap debt.
Save this so you remember to check what's actually driving the cash flow before you call a deal safe.