Can I rollover a very old former 401K to a self directed IRA?

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This may have been answered many times so I apologize for not searching more thoroughly, but I could really use some help answering this question. I have two very old 401K's from former employers that I never did anything with after leaving the companies. Grand total they're worth roughly $40K. I'm years past the 60 day window to roll them over and I'm honestly not that well versed in this area. So my question(s) is am I able to roll these into a self-directed IRA at all? If so, can I roll over the total amount within a single calendar year and are there tax penalties for doing this? I guess lastly, does it make sense to do this if my plan is to use the funds to purchase buy and hold rental properties where my goal is to eventually live off the cash flow before I reach retirement?

I know that's a lot of questions, but I'd really appreciate any advice.  I'm new to all of this and as of right now, I'm just trying to figure out how much cash I might possibly have to invest.  I'd say I'm in the analysis paralysis stage, unfortunately.