Companies like Bona Kemi have excellent products, equipment, and information for finishing floors (http://www.bona.com/en/US/Craft/).
Also see - http://www.woodfloors.org/consumer/
Example of sanding/finishing method:
1. Load a drum sander with 80-grit sandpaper. Sand the floor by running the drum sander back and forth at a 45-degree angle from the direction of the floorboards, to grind the edges of the boards even with one another. Do the whole floor.
2. Re-load the sander with 120-grit sandpaper, and sand it in the direction of the floorboards to smooth out the surface. Thoroughly clean up the dust.
3. Starting at one corner, (only if using stain) brush on your wood stain, covering four or five square feet. Let the stain sit on the wood for a minute, then wipe up the excess stain with your cotton rags. Repeat section by section until the floor is completely stained. Let it dry overnight.
4. Pour a line of floor gloss across the floor boards near one wall, making the line about as long as your gloss applicator is wide. Use the applicator to slowly pull the gloss across the floor, avoiding the creation of bubbles. Repeat and continue pouring and pulling until the whole floor is glossed. Let it dry overnight.
5. Use a 220-grit sandpaper to lightly sand the whole floor by hand. Sand it just enough to take the shine off of the gloss. Re-apply a second gloss layer in the same manner as the first. Let it dry, sand it, and apply a third layer. Let it dry completely before using the floor.
Answered on 12/12/2012 by Tech & Install