MHP Investors: Do You Like Park-Owned Homes?

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I've worked with a mobile home park firm the last few years and in my experience, most park investors don't like park-owned homes because of the high repair costs (even though you can usually rent them out 2-3 times higher than tenant-owned home spaces). Other investors prefer 50%+ POH units and have an array of strategies that justify a high POH/TOH ratio, commonly leasing them on contract to purchase to existing tenants. 

I think a large factor has to do with the age and condition of homes. Nobody wants a POS mobile built in 1951 that needs an extra $5k in capital repairs before you can rent it out, but obviously a 2005 DW that's at least B condition isn't something I would necessarily stray away from.

My question is for all the park investors out there: do you prefer a larger number of park-owned homes or tenant-owned homes? Be as general or as specific as you like, it's not a clean cut-and-dry answer for most people I think.