What would your strategy be?

Going out on my own. If I'm going to make $6m-$8m in five years regardless of what I do, that means I'm currently playing with house money. 

Shit, I'm 36 and had a very similar, yet infinitely smaller, situation happen and I...went out on my own.

So I am somewhat in a similar situation...sort of. My family has has around $20M of real estate, its not massive wealth in comparison to others, but we are comfortable. My brother and myself are a big reason as we worked daily at the properties since we were young and given my background I still handle accounting and general property maintenance issues. However, my brother is a doctor now and I am in CRE. We both have full time jobs and do well financially. I am 34, married to a high earner spouse, with two kids.However, I really wouldn't consider it inheritance because I technically think I already own it, but a lot of friends and co-workers always tell me to go out on my own. I think I am somewhat risk-averse and after having kids, I enjoy working a job, but my focus is to preserve this wealth that we all worked so hard to build up. Yes, I can walk away today if I can and I think I feel good knowing that I am never under pressure to stay in the rat rate. Don't get me wrong, I will eventually stop working once we acquire/develop one or two more properties, which would keep me busy enough to leave my day job. However, right now, I plan to let that wealth compound as much as possible.

The real questions is. Do you go out on your own, which way? Do you use the real estate and 1031 into 40-50% leverage properties, or do you look for LPs to come in and do bigger deals. Getting 3-6x on the GP would be a riskier way to go out on your own. or just doubling your money every 10 years, which would be safer,,,,bigger cushion.

Large developer?

If you’re about to be a partner at a Hines type firm and pulling down near 7 figs plus upside annually, I’d use the inheritance to buy a house in location of choice (for me maybe Palm Beach) and work until kids in college. Then quit and chill in Florida, boat, golf, and sprinkle some money into deals to not get bored.

If it’s not that much comp waiting at partner level I’d just go out on own immediately upon receipt of 6-8 mil.

Fun question.  I think the answer would be focus on what you want to do once the money hits and prepare for that.  I'm at a developer, if I wanted to go out on my own there are a few parts of my skillset that are fine in my current role but would be an impediment if I didn't have a design expert on my deal team.  So I'd focus on bringing my eye for design up to par