The biggest concerns with high BF are BP issues and gyno. I have cycled with high BF before and did so once with a terrible diet thinking eating everything in site was the answer and also felt like shit looked worse than went in and was bloated all to hell gyno wasn't an issue for me though.
I did the same thing again BF was alot lower but still high BP stayed more within reason I would highly recommend regular cardio to help plus all the supps to help I also ate very clean and results were amazing completely different results no bloat put on quality muscle and dropped some BF I also ran some HGH though.
DO NOT listen to the parrots the presume that everyone wants to be a BB but BF is not an issue with strength athletes, power and explosiveness is where its at. It can be done but ALOT more care and caution need to be taken and USUALLY those are not strong points for those with high BF except as noted above. Overall if you are not a competitive strength athlete I would get the BF down first as the results will be better as you will be able to bulk and not worry about the fat as much.