There is naturally a load of information out there for new investors starting out with little money - what about a newbie in a more financially advantageous position?

Say you could go back to the beginning of your real estate journey, but this time start out with significant personal capital (e.g. 2-5 million). Given the benefit of hindsight, what short, medium, and long strategies would you consider? Do you leverage the money and go big for commercial real estate? Do you play it safe and finance numerous smaller, reliable properties outright, and eschew the risks of a mortgage? Do you invest in several large, expensive properties and sit back to enjoy the cash flow? What are some clear Dos and Don'ts of your situation? 

This is a topic that (for obvious reasons) does not get a lot of discussion. I think it would be very interesting and instructive to see it explored.