How to invest a large amount of money?

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Looking for some advice for someone who has never invested in RE...

About a year from now, I'll be fortunate enough to receive a large sum of money (well into the six figures). Because the money is currently in real estate, if I re-invest the sum immediately after getting it into real estate using a 1031 exchange, long term capital gains will be deferred. On the other hand, if I take the money and put it in a different investment like the stock market, I'd owe about $100k in taxes.

I have no experience in REI. Should I invest in the stock market, where I know I can get 10-12% per year? Or do I educate myself thoroughly over the next year and look for long-term investment property? This money will be invested for a long time, 20 years or more.

What would you all do? I've already checked out several REI books from the local library. Given this is a RE forum, I'm assuming most will say buy RE, but remember I've never been a RE investor. Would you look at residential? Commercial? All cash? One or several properties?

Thanks.