Pension Plan Payout Questions

[Brian Nalley]

I received a letter last week from a previous employer about a pension plan I didn't even know I had. I have the option of rolling it over into IRAs or employer plans, taking a lump sum payout, or getting a monthly check for the rest of my life. It is about 20k, or $86/mo for life (lol). 

I have been planning on jumping into buy & hold for a while, and finding a new place for myself to live as well after the short sale of my current house. 

If I take the lump sum, its taxed at 20% or so. Any ideas or suggestions on what options I might have to make the most of this?

Thanks!

Brian