They are volatile.

Distributions fluctuate. When distributions go down the equity price does not get as beat up as does a dividend paying company. Most MLPs have cut capital plans to meet (protect) projected distributions.

Treat it like an equity: sell high when incremental total returns on the then price are below what you feel you can gain on an alternative. In other words, as the equity price goes up, the distribution return goes down.

Treat like a bond (long term holding): Calculate the distribution return on your original investment. Assume over the long term it averages around there. (Many investors, me included, will not like this one but it's valid). The equity risk remains.

Also, the funds tend to sell above net asset value due to the high distribution returns (similar to how bonds are priced).