My sister and I both own moms house. Mom can reside there but lives with my sister and I. The house needs some repairs before we can sell it. Can we get a loan based on home value and based on being paid off on sale of the home? We may probably need monies to pay taxes and upkeep as well.
Two other good answers, however, one aspect of your question that wasn't answered previously is with regards to the real estate taxes. They can be paid at closing out of the proceeds of the sale.
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I would like to tell you it will be easy. Ten years ago that would have been true. Today the lenders will treat this as an investment property and unless you each have a credit score in excess of 800 and a load of cash in the bank, I'm afraid you in for some bad news. I would go to a local lender like First Heritage Federal Credit Union. If a local credit union can't do it, you'll be out of luck.
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Many real estate sellers in your situation are able to sell a home that is in need of additional repairs. The real estate contract of sale can be structured for an "as-is" sale, with the terms of the contract reflecting that you will not make any additional repairs. Speak to a real estate attorney in your area.