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Total Rehab of 1927 House

A relative passed away and we are thinking about buying and totally redoing her house. She lived in basically just the kitchen, so the wood floors and all woodwork is still immaculate in most of the house. But the house was also built in 1927 with no heating/air ducts. There is also just one water line to the one bathroom. And I can guess that the plaster walls have lead paint on them. It could be a beautiful home. My husband would like to try redoing it, but we have no idea what the expense/investment would be to do this. We would definitely have to add water lines (house is in a rural area, the well has pretty much dried up, so we've have to dig a new well, too) and air ducts. Any thoughts? Are there things we're failing to consider? Thanks so much in advance. We are in our low 30's and just bought our first home a few years ago, so by no means are experts at any of this!!

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