Buying sister out of inherited property?

[Christina Merlo]

My father left my two sisters and me a house. We've been renting it out, splitting the disbursements three ways for a year. One sister wants us to buy her out of the house. Is there a way to take out a loan to pay her without refinancing? We currently own the house free and clear and I know the third sister doesn't want to do that, would rather pay her cash. But I want to keep my cash and use it for a renovation I'm doing and with interest rates low pay her with a smaller loan? Does that make sense? Any thoughts or options I can consider would be much appreciated. Thank you.