I do a combination - I have 3 horses at home and one boarded out 4 km from me who is in training. I have a terrific big sand ring at home, and trails. Horses are out 24x7 with access to stalls. I have lots of neighbours who are happy to look after the home ones if I go away, I'm lucky there. And the boarding set up is great - indoor and outdoor arenas - and I'm close enough to visit multiple times a day if I wanted. I can keep 3 horses at home for the cost of one boarded. It's working out well.