On PAA, keep in mind they play the oil price spread game, so they will be more volatile than some others.
If you dont like KMP at $50 but do at $45, buy KMR at $45 -- same stock, different form and you avoid the tax hassle to boot (can even hold in an IRA if you want, though dont know why you would).
SXL is also a bit customer concentrated so there is some risk there.
I would also bear in mind the spread to Treasuries, which is a very useful tool for MLP investing.
Eight Recommended Oil and Gas MLPs [View article]
If you dont like KMP at $50 but do at $45, buy KMR at $45 -- same stock, different form and you avoid the tax hassle to boot (can even hold in an IRA if you want, though dont know why you would).
SXL is also a bit customer concentrated so there is some risk there.
I would also bear in mind the spread to Treasuries, which is a very useful tool for MLP investing.
Disclosure: I am long all 3 of these.