You mentioned some of the reasons I told LouieBluie she was probably lucky she didn't know what an MLP is - the K-1 issue can be a minor issue or a huge problem, as many arrive too late or are modified after the tax deadline. They are also a dying breed - the FERC, which has a role in setting the "tolls", changed tax rules this year and MLPs will no longer be able to write off certain costs, leading to many distribution cuts, and an accelerating trend for the BP to take the MLP back into the fold - I know one of them created a huge and nasty taxable event for all shareholders.
Your advice on yield is good - anything above 8% should be looked at with suspicion, because a yield higher than that indicates the market believes there's a lot of risk involved - but I'm talking about a sustained yield > 8% - if it's a short term thing due to a one time event it's not a problem. Biggest thing to look for is coverage ratio - if it's not > 1, they're not earning it and a cut could cause large capital losses as the pps drops back to the historical yield. I had one bond CEF a few years back that cut the div out of the blue and I lost 40% of my profits pretty much overnight - thank god I sold it (still made +40%), because they cut the div two more times in the next 15 months, would have lost all of my profits had I held.
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