The only problem is you won't be able to file your tax returns until you get your K-1 in June. Buying in an IRA may be best to avoid that problem. You would need to own a lot to have a UBTI problem from what I have seen on the K-1s.
I have owned BX and other MLP's and I do not find it taxes a problem! Of course I turn the information over to my accountant. Also, the increase distributions and share price make up for any perceived problem!