Cash-on-cash %: operating or free?

[Brian Jolliffe]

The term "cash-on-cash return" doesn't seem consistently defined. I'm curious if people are typically using operating (no capex reserves) or free (with capex reserves) cash-on-cash returns when evaluating deals as it relates to the 10-13% cash-on-cash minimum that many target. There's can obviously be a big difference between the two methods. Free cash-on-cash seems to make the most sense to use as it closer reflects reality.

https://www.investopedia.com/ask/answers/111314/whats-difference-between-free-cash-flow-and-operating-cash-flow.asp