Well, at least you've asked the question. The main issue I see is a lack of education.
There are two aspects to wealth. First is acquiring it. Second is retaining it. There are two risks to being handed wealth. The first is not appreciating how much effort it took to earn and save each dollar. The second is being clueless about what it takes to make the money. So, how to fix these while you are mitigating the risks involved?
I believe you are making a big mistake and have the start of a good plan. The big mistake is to spend some of it on luxury items. Houses have continuing costs in the form of taxes, upkeep, etc.. Cars always depreciate.
The start of the good plan is to not invest in something that you don't personally know inside and out. Don't trust others with your money. None of them are risking anything when it comes to your money. There will be lots of people who think they know how you should spend your money, including just giving it to them. You will probably hear hundreds of sad stories of why they need your money.
Then there are professional, financial advisers. The only ones to listen to are those who have consistently made money when the economy is up and when it is down. The second part is much harder. Most general advisers are clueless about making money or they wouldn't be in paid job; they would be financially independent.
Start your education with a budget. Find a place you would like to rent, budget in all the expenses: utilities, garbage, water, power, food, clothes, household items, furniture, medical, dental, vision, car payment, car maintenance/replacement, insurances (house-rental, car, life), etc.. Rental and car payments gives you a relative expense to what you will be planning on making from your savings.
For example, say you get $10 million, and you buy $1 million house. You have just given up 10 percent of your income for life. How do you plan to replace that $1 million? At $10 million, you are barely at a breakeven of being able to live off of it. I believe part of your plan should be to live on 80% of your expected income. Then 80% of your actual income. This can help make up for the cost of inflation, and as you grow older your expenses are likely to increase, so you are building in a cost of living increase. You are likely to get married, which will introduce the biggest challenge to your personal and financial life, and then you are likely to have children, which will be the second biggest challenge with the potential of the biggest reward. Note: please note not to expect a reward for getting married, but children can be amazing provided your raise them with good values.
Do what the rest of the world does for their dream house. Save for it. Don't spend your core funds on a house until you've at least completed one college degree and know where you want to live for the next ten years. Buying and selling a house breakeven is at about seven years.
One value is "There is no free lunch." Everything has a cost, including the money being given you. Everything that you buy owns you. The more possessions you have the more you are possessed by them.
Not being productive with your life will rob you of feeling valued and a contributor to something bigger than yourself. I would start with a business degree, then an education in a subject that interests you and you can make a living from it. The college dorm will provide a place for you to live for 4-8 years. Then you will also have a couple degrees to which you can get a real job and find out what people actually do to make a living and build a savings.
The fewer people who know you have money the better. There is a serious risk of kidnapping. Live as normal of a life as possible. There will always be people who have more money than you. Never try to impress people with your money. A fall is often proceeded by arrogance. Arrogance leads to false assumptions. People hope arrogant people will fail and will often do something to help them fail.
If you are really wise, you will also find places to volunteer, donating your time to a good cause or two. You will invest 10% in your education your entire life, and you will give 10% of your income to the best practical places you can find. When you are donating and helping others in a deliberate way, you can easily say that "you gave at the office."
Diversify across banks and even basic financial planners. Wait until you've completed your business degree and have some kind of job before you move beyond basic savings, money markets, t-bills. Maintain your core funds where they are FDIC insured.
There are two kinds of people in the world. Those who put people into two boxes and those who don't. Just kidding. Seriously though, there are producers and consumers. Consumers look for ways to spend their money and no longer have it. Producers learn how to make money by investing themselves and their money wisely.
As one of the most useful exercises you can do, see how frugal you can live. See how little it takes to have a life. Learn to appreciate the basics, a warm, dry place to sleep, enough to eat, even enough clean water to drink. Try camping and hiking, building some basic survival skills, being able to shoot, archery, hand-to-hand self defense.
A wise person learns from the mistakes of others. Look at the British royalty. There are reasons that they learn to hunt, serve in the military at least for a few years, and take up worth while causes.
If you want to flip houses, learn about real estate and construction. Take up jobs assisting carpenters, electricians, and plumbers. See what it takes to make money in real estate. Most houses take more repairs than you think. Build your own house, then see what it sells for. When you can be a successful general contractor, then you may know what it takes to flip houses because unless you do all the work yourself, you will be hiring others to do it for you. If you know their skills and costs, then you will know if they are taking advantage of you and what you can do to help prevent it. This could be your second or third degree/education.
If you buy an apartment after making it through your first year at college, then consider buying an apartment, have a roommate. If you're in school 4-8 years, then you'll reach the breakeven point of owning it. Then rent it out after you leave, this will help teach you if you want to own property.
Only marry someone who is as or more productive than you with either a similar level of education or a drive to get as educated. Then still get a written contract and always keep your core funds in accounts separate from joint funds. Otherwise, they are co-mingled and in many places, she can walk away with more than half of them. One of your biggest challenges will be to find someone who actually cares about you as a person and is just not looking for easy street. Even without money involved, over half of marriages end in divorce. A good planner allows for the odds, and mitigates risks.
I hope this all helps. Good luck on your choices; its only money, and you can only spend it once.