[GWN7]

"built in 1927" ... That means (usually) that the ceiling and floor joists for the second floor are actually the collar ties that hold the roof rafters together. In modern roofing systems a trussed rafter is used. This ties the two angled parts of the rafter to the bottom part (the collar tie) with load supporting members that transfer the roof load between the upper and bottom plates. With your roofing system by removing the ceiling/floor joists for the second floor you would put all the roof load on to the outside walls causing the roof to sag and your walls to bow outward. If you have any roof load (any snow or a couple layers of shingles) you might end up living in the basement for a long time as there won't be any house left when the walls fall in.

I had to help a friend a couple of years ago who bought a house and the PO decided that the bottom plate in the garage (trussed roof) needed to go to make more head room. The walls were bowed out almost 4" each way. We put a 2" X 10" X 16' on each outside wall and then used two come-a-longs attached to the board via 3/8" aircraft cable to slowly pull the walls back to plumb. Then we reframed the trusses back in place. How the garage passed the PPI I'll never know.

This not to say that it can't be done. Anything can be done with enough time and money.

My advise is live in the house as it is. This way you can have friends over to drink beer and enjoy life. After a few yrs you can buy the house you want.