- VrayLightCache & Gamma Problem: Make sure that you are not using the V-Ray Virtual Frame Buffer with color and gamma post processing. These effects don’t work with texture baking (or you are an expert and know exactly how to setup and output image override Gamma to get gamma-influenced textures. According to to our e-mail support list, 99% of artists have no idea how gamma works and how to it setup in order to get optimal results).
Also make sure that you are not using the light cache. Light cache works great in camera view but results sub-optimal texture baking results. You should instead switch to irradiance map or brute force for global illumination.
- VrayPhysical Camera: [EDIT - this point may be working, see below for users review] Avoid VRayPhysical Camera for texture baking. It is ignored in 3dsmax for any kind or render-to-texture operation. 3dsmax switch automatically to the build-in standard camera in order to scann and bake the textures - all post-effect tuning settings and toys in VrayPhysicalCamera are in that moment irrelevant.
- Vray AmbientOcclusion [EDIT - this point may be working, see below for users review] CheckBox: Turn off the AmbientOcclusion in the render dialog. This function make mess during single pass texture baking. Vlado and the VrayTeam are working on a new solution for it. Until then, use either multi-pass baking in FlatIron or turn it off and bake the AmbientOcclusion with VRay Dirt Shader or simply with MentalRay
- Vray Black Render: Check your selected bake element. Not all bake elements are compatible with all renderer. For example V-Ray does not support the default render elements which are used in the Scanline and mental ray renderer. Instead of it, V-Ray brings its own render elements. Just pick those instead of the default render materials when you use V-Ray. Using a V-Ray element with another renderer will fail accordingly.
If you find few more interesting things about Vray texture baking, please notify me so i can add it to the list here

thanks!
best regards