You're fine taking money in exchange for relations.You're getting paid to like someone and act like their partner. There is nothing wrong with this, but you need to be honest with yourself about what you're getting into.
You need to be comfortable being upfront with your man. If you're too passive, or just take the money without questions, you're at risk of being taken advantage of.
You understand the risks of financial dependency.That money doesn't come no strings attached. You're going to be expected, in some way, to do things for him as well, or else the money will run dry quickly.
You will, in some way, become dependent on your sugar daddy to keep your lifestyle going.
If you have your own source of income, and just use him for amenities and luxuries, you can stay more independent.
You're okay leading men on. You should, of course, be honest with your sugar daddy from the get go. But even if you're honest, you're going to be leading him on. You need to act sexy and mysterious to earn your keep. No matter what the "rules" are, chances are good he's going to want more. You're going to have to be fine cultivating this while knowing that he isn't getting more.
You know you can keep your emotional distance. Many sugar daddies know fully well what they're getting you into. They start with gifts and money, but the ultimate goals are not always on the table. When you give someone that much power over you, you have to have trust in them. But sugar daddies, in general, aren't the most immediately trust-worthy people. You have to keep your head, and heart, on a swivel. At the same time, you're just there for the money, so don't feel like you don't have any power in the relationship either.
This is, in many ways, a business transaction. Keep it that way.
If you're looking for deep or meaningful connections, don't get a sugar daddy. Any relationship built on payment is unlikely to lead to a true and deep connection.