Using a Pension distribution for real estate - Penalty Avoidance?

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I recently was offered a pension lump sum payout by a previous employer. As a 45 year old, I have a few years left until retirement. I have 13 vested years with this previous employer with a monthly payment estimated of just over $1100 per month after age 67. I realize that 1) that amount doesn't grow, and 2) it is a guaranteed monthly income for life. This is a very well-known and very stable company any household around the world would recognize. The risk of them "going under" is small. I believe I can get a better return in the next 20 years until retirement by investing correctly in real estate under a 15 year mortgage. My question is this: Is a self-directed IRA the right way to go to take the pension payout? If so, how does one fund things such as maintenance expenses, etc., with self directed IRA funds.

Id also like to hear opinions on whether or not this is even a good idea to take the pension buyout or leave it be.  Thank you for your time and opinions.