Dejahn,
Congratulations for your success!! This can leverage you to a whole new level.
We once received over $300K from one early deal, and weren't quite sure what to do with it.
Unless you're prepared and have a plan, it will be way too easy for these funds to slip through your fingers... and you'll be back where you started.
Now is the time to research possible mentors, attorneys, bankers, property managers and more. I know some trustworthy people in the Boston area - message me if you would like specific recommendations.
Yes, use business entities - properly. Many investors use multiple entities - for different purposes. Educate yourself.
Conserve a portion of your cash reserves (never to be spent) to build your net worth.
Properly construct a self directed retirement plan - and learn to invest through it - maximizing your retirement funds.
Also, research several different business models, and create a business plan for going forward, if you haven't already. A good plan will guide you to know if the opportunities that show up will take you where you want to go. Answer some of these questions for yourself: Do you want to continue with flips? Residential? Single Family? Multi family? Commercial? Notes/paper? What is your desired focus - long term cash flow, or more capital gains?
This is an exciting opportunity for growth.
All the best. :)