I would give my money to multiple (at least 10) hard money investors across the country.
I would also invest in real estate crowdfunding sites.
I also would invest in micro-bonding or peer-to-per sites like lendingclub.com
If you give $1M to hedge funds and stock brokers it's locked in with transaction fees for years.
A seasoned hard money company can get you up to 8% on you money and the money is liquid within 6 months. I get 9% with wefundflips.com
Real estate crowdfunding sites have similar time horizons, higher rates of return (12%) and you can be liquid within a year. I recently made 14% in 8 months on groundfloor.us
Lending club can have you liquid in 6 weeks and you pay a small transaction fee around .05%. The rates hover around 7% for a high risk managed account. I have an personal, IRA and LLC accounts on lendingclub.com
$1M could be $60k of livable income easily with a 2% return on top.
If you do buy property buy an existing IRA and put them inside the tax shield. Buy multi-units so your always cash flowing.
My next big project is to buy debt at pennies on the dollar and collect on delinquent accounts. I need at least $2M to make this happen.