Refinish them and use 3 coats of poly.Then do a scratch/recoat every few years/vacancies.

While you're there, you can also ask about any permits pulled on the building.Here are a couple of basement refinishing guidelines from other New Jersey towns just to give you a general idea of what the process entails.

I will keep you posted regarding the progress of my project. yes my job will be a full rehab ..I can imagine knocking down some walls to open up space looking for a more modern layout ..moving electricity, refinishing/putting new flooring, gutting kitchen, new cabinets, counter tops, full paint outside/inside ..possible new deck, yard, possible cosmetics in the basement (new carpet, finish walls etc) ...properties selling for under 50K in my area are needing all that ..I hope I will not discover too much while opening walls. most of those houses are winterized with no utilities running ..so once I switch electricity/gas/water on ..lets see if the thing will not fall apart ;-)

Rather than sand and refinish once a decade, have a flooring guy screen and recoat about once every 4 years.

May be able to refinish the floors. 

Believe it or not, my WIFE does most of the remodeling (drywall, mud/tape, ceramic tile, cabinet refinishing), while I do the heavy lifting, demolition, and computer work.  

Also we have put a total of $4,500 out of pocket the last couple of months to Pay for updates and the mortgage payments we had to make in June/ July.The other option will be to keep that price, but reglaze/ refinish the kitchen counter (which is a pink tile at the present moment)and sink for about $1,000 more.

Wood floors can always be painted as a cheap alternative to being refinished.

He is also saying that I need to pay for the tile work, refinishing the hard wood floors, and the electrician( this was in the contract on the agreed upon bid of 32k).

I'm pretty sure you don't need permits for paint, carpet, refinished hardwoods, tile flooring, windows, new int. doors, ceiling fans or light fixtures etc.Married life is agreeing just fine.