If I have 200k, I would use it to Educate myself first and Find a secure place to park the remainder until the time I know what best to do with it.
(1) Educate myself first
As someone has put it "A school smart person will do ok, but he can't go as far as a street smart. A street smart combined with school smart can go ultra far". Getting into an investment is easy, but getting one that works & profitable is hard. Starting straight away is a good habit but there is a limit as to how far the person can go, as he will face problem for things he does not know.
Learning alone will lead to nowhere (money-wise). Knowing too much can also lead to analysis paralysis.
The focus here is to get both school-smart learning (such as Structure, Finance, Tax, Psychology) and street-smart learning (eg. Build a network of like-minded people, Find mentors / heros with track records...). Above all, I'll spend a lot to learn how human minds work and how to master my own fear and greed.
If I'm too busy with work? I'll take a whole year off work
(2) Find a secure place to park the remainder until the time I know what best to do with it
If I'm totally ignorant of investment, then an basic account like ING internet cash account earning 6.5% pa sure will beat a negatively geared IP.
Alternatively, I can spread the money out different asset classes to get the experience until the Learning give me enough experience for a concentrated investment.