previously painted deck, repaint or stain?

My deck (350 sqft, not counting staircase) was painted red by previous owner, and now paint started to peel off. I'm thinking treating it this season, but was very hesitant to DIY because most of the advise I got, no matter repaint or stain involves a deep sanding off the existing paint, which sounds like a very exhausting thing to do.

I don't have any exterior painting experience except repainting rusty stair railings. Can you guys give me some suggestions on what exactly I should do, and what type of tools/equipment I need to rent/buy (for example, I know HD can rent out sander, but I don't what type I should get).

Thanks so much.