1st STR purchase...Start Big or keep it small to being with?

[Paul Cox]

Hello my STR gurus,

My wife and I are trying to decide where to purchase our first STR? We're very interested in the Outer Banks area (Corolla). Knowing what all of you know now, would you start with a large home (think 6 bedroom) and a pool (400-550K and would be a stretch for us) which could bring 40-60k a year based on what I've been seeing down there, or would you start smaller on a learning model, say a 2 bedroom in historic Wilmington that is up for sale at 119K that the description says has brought in over 14K so far this year doing AirBnB? I appreciate all your thoughts and comments.

Thanks

Paul