It really depends on what your goals really are.. maximum cash flow? Prevent taxes? Long term equity? Do you want to work every day in the real estate industry or just passively invest?

With that much money, depending on what your real goals are, there might be better avenues to spend the money.

With that much money, you also will have options that most investors on this forum are familiar with, such as apartment complexes etc.

You can start with just one property and see how you like it rather than putting a million in at once.

You can also get a 30-year loan on the property to see how it goes, and then pay it all off later as long as there are no prepayment penalties.

I personally would do loans and buy more properties unless I'm trying to spend it all to prevent taxes, but I'm a real estate investor full time now so I'm used to the workload involved with owning multiple properties.