Selling is probably the worst thing you can do if you're underwater, especially with a house in the state that yours is in. If option A is to have to come up with $40K+ just to sell your house and option B is to come up with $15K to fix it up, option B seems like the only way to go. If you can't come up with $15K to finish it, how are you going to come up with the money to pay the outstanding mortgage?
I'd either figure out a way to finish it for as little money as possible, or just get used to living in a construction zone. I don't see how selling it is a viable option.
Though I'm not sure I understand the scenario; was your friend doing all the work for free?
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