Investors new to the master limited partnership space can't be blamed for their sudden intrigue. After all, media coverage on these stocks has skyrocketed right along with the number of MLPs on the market. Year to date, the MLP tracking Alerian Index has almost doubled up the S&P 500.

There are plenty of reasons to consider buying MLPs -- the soaring quarterly distribution is usually what does it -- but there are also plenty of reasons not to buy. The slide show below covers three main reasons investors might choose to keep MLPs out of their portfolios: risk, value, and investor headaches. Each reason is illustrated using real-life examples of some of today's popular MLPs, like Enterprise Products Partners, TC Pipelines, and Phillips 66 Partners.

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Aimee Duffy has no position in any stocks mentioned. The Motley Fool recommends Enbridge Energy Partners, Enterprise Products Partners, and Magellan Midstream Partners. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.