The Federal Reserve hit the lights, and the era of free money ended. Interest rates, once an afterthought, are now a primary obstacle, and the cost of debt service is eating into the returns that were once considered guaranteed.

For years, cheap debt covered up a multitude of operational sins. With interest rates 500+ basis points higher than the last decade, that safety net is gone. Debt service now eats the cash flow that was once earmarked for buying the next add-on.