1) BPT is so good, you mentioned it twice! 2) Atleast you're in a "hot" sector. 3) If crude oil ever goes down, you do realize those payouts WILL be reduced making those issues fall even faster. The capital loss can greatly exceed the dividend once again.
Don't forget ETF's like the QQQQ, SPY, IWM etc. If you're going to be actively writing calls you'll need a liquid options market with tight bid-ask spreads.
That is the problem. Once the dividend yield goes into double digits the dividend is usually cut or eliminated and the stock keeps going down. The exception to this is at a major bear market bottom when buying stocks with double digit yields gives impressive returns in the following bull market.
You are correct once again. Then again, your new trading objective becomes capital gains instead of dividends and call option premiums.