As an owner done both. Overall have done well. Need lots of luck, a little skill to find someone you can trust. On the deal you have little control. As owner paying all the bills, you can be involved in the decision making. Not to say you tell the trainer what to do, but in the end, it is your horse. If you dont like him, walk your horse out of the stall and go elsewhere. The "deal" you are kind of locked in. Which way makes most financial sense, is for the most part a crapshoot. Dont want monthly bills as you spent all your money on the horse itself, then maybe the deal is best. You can make money, the people on here are mostly sewing sour grapes though. And yes, you can loose your shirt, which is way easier.