The big big question in the eLearning world.
As you see on the previous answers there are several features to be considered when you want to create an LMS, I do not go to talk about then once again, then my suggestion for this case is to take the better way for your courses. That means that according to your learning path, course objectives and interaction you can choose one way or another.
My advice is to use an LMS that show you an example of how to use your ideas, or even more, you can use it as your partner for your project. According to it and my experience I recommend you Paradiso LMS, it is a software with high integration, excellent and multiple features with a support team very capable. They have a free version very useful, you can use it as a show of what they do, to me, it is a really good job and very good system.