How to put php code inside opening and closing shortcodes

I am working on a site and I am using a shortcode in my template files that has an opening and close. I would like to know if its possible to place wordpress the_content php tag in between the shortcode and if it’s possible to the same thing with placing another shortcode in between opening and closing tags.

I’ve tried this –

<?php echo do_shortcode('[membership level="1"]''.$the_content.''[/membership]'); ?>

But it’s not working, I tried a few others things as well. What am I missing or doing wrong? Any help is much appreciated. Thanks.