Won money on a game show. Now what? (aka new member in Seattle)

[Chris Karras]

I did win money on a game show, but I was already saving up for a downpayment on an investment property. Now that I have enough to make the investment, I need to figure out the smartest way to go about it (and not lose all my winnings to Uncle Sam). My parents and in-laws both own multifamily properties in other parts of the country, so I'm not completely uninformed, but I don't want to do anything stupid. 

Right now, I'm considering buying a multifamily property, but I definitely can't afford anything in Seattle, so I'm thinking of either the Tacoma or Everett areas. I've also thought about buying in Colorado Springs, where the in-laws own a couple of duplexes and thus know the market (and where we like to visit, because sunshine!).

I'm looking forward to learning from all the folks here! I'm especially thinking about taxes/tax benefits of RE investing, how to think about the financial aspects (ROI, appreciation/depreciation), and how and where to find a good property.