Lost W-2...job what to do with 401k?

[Daniel Welch]

I’m a beginner and was in the process of saving cash to begin investing but.....

I just lost my W-2 job and have a chunk of money in my 401k. I have considered rolling it into a self directed ira to begin purchasing buy and hold investment properties. Is their any way to make monthly income off of those or does all money made have to stay inside the IRA? I really want to submerge myself in real estate and never have a W-2 job ever again. I currently live in a paid for house and have 3 kids as well! I have enough funds to live on for a year but am willing risk some of that for some monthly cash flow.

I’ve worked hard up to this point financially to be in this position and am just looking for some guidance as if you were in the same position.