I don't like to sand wood unless there are some imperfections to take care of. Personally I use a chemical stripper to get the finish off, allow a week to dry or you can speed it up by putting the wood on the oven for a few hours at a low temp with the door cracked. Stain and allow a day or two to dry inbetween coats then after you have achieved your desired color then allow to dry another week. Then start applying the finish. I prefer a mixture of linseed and tung oil with japan drier mixed in and then comes the fun part about applying a hand rubbed oil finish. two or three coats allow a day to dry inbetween XXXX steel wool, wipe down with a tack rag and repeat. I usually go for at least 12-15 coats and the last 6 don't get any sanding to build depth. You can also use wet/dry sandpaper but I personally feel that is a little too abrasive for the wet sanding.