Lots of capital, no experience- how to start?

[Lauren C.]

My husband and I recently inherited a large sum of money and would like to begin our RE investing journey. I plan to pursue on a full-time basis. Currently in the midst of learning as much as humanly possible. We haven't quite got enough for accredited investor status, so syndications are (largely) out, though the short-term goal would to establish net worth at $1M (and maximize cash flow, naturally). I live in Manhattan, NY. 

To experienced investors: how would you get started if you had access to this capital? We can afford what newbies would normally consider A LOT of units, but I'm not about to, for example, make a down-payment on a 800K portfolio of multifamily homes in Rochester, NY and screw it up due to (inevitable) rookie mistakes. 

I would REALLY appreciate any ideas! $400K total out-of-pocket is possible at this point.