Good idea to purchase from a nonprofit organization?

[Max Mercado]

My husband and I are considering purchasing and rehabbing an old Catholic convent into several apartments.  The Catholic Diocese is giving a good price but selling the 100+-year-old three-floor property as-is.  We had it thoroughly inspected and EVERYTHING has to be replaced or updated.  It is in really poor shape.  My question:  Right from the getgo, is this a good investment?  

 We will need to pay for everything out of our own pocket (survey, subdivision, zoning, township approvals, etc.) and not to mention lawyer fees, real estate agent fees, etc.  I am fearing that we will be so in over our heads with this project.  My husband is a busy internal medicine doctor and I work the back office of his practice (payroll, human resources, accounts receivable, etc.) I also practice as a physical therapist in a large medical institution part-time.  I am also a busy mother of three kids. I do not know how I will be able to be responsible for this endeavor to even work.  

We currently own an 8 unit property in the same town which we purchased over 6 years ago.  Luckily for us, the process was basically a turn-key approach - the property was in good shape and had 8 current paying tenants.  It was a great investment.  I have managed that property fairly well on my own.  But not sure I can take much more on my plate at this point.  Especially a project of this magnitude.  

My husband is very excited about the potential of the old convent building for the community (help elderly parishioners find housing  (the convent is literally next to the church) and for his retirement/exit strategy.  

Should I look at the option of getting another kind of investor or partner to go in on this with us?  How does one even find one if that were a reasonable option?  Could there be a profit made if we turned around and sold the building and property within a year (which the tax assessment quoted at over a million dollars according to my husband and the real estate agent)?  Would we have to still rehab it before selling it?  This would probably cut into any profits, I am assuming?  

With the knowledge that interest rates will go up and inflation will negatively affect the price of materials, etc. I worry this may not be the best investment choice for us at this time.  We would appreciate any advice or contacts from people who have gone through this or may have some insight into our current situation. 

Thank you so much!