500k better to buy one STR cash or multiple with financing?

[Chris Elkendier]

Hello! My friends/investors and I are looking to invest into some STR properties out of state. (Currently I live in Wisconsin) I own my own home and a condo that I rent out yearly in Milwaukee but want to expand into some better markets with some STR properties. My question is, if one had 500k cash would you recommend purchasing one property cash or multiple properties financed? Why and why not?

I like the idea of owning one outright for risk purposes but am open to opinions (hence the post)

Thinking Palm Springs area. If there are other extremely healthy STR markets please fill me in as I am not paying $500 a month for Airdna services ...