If the carpets are in decent condition then you don't have to replace them if you don't want to.Option 1 - go 50/50 on replacing carpet if the cost is not prohibitive. 

My brothers a broker, and i have decent reserves, and great credit, so getting a construction loan wont be difficult...it may be a challenge but not difficult3 closest comps, 799k, 865k, 878k and none of these properties were rehabbed all of them needed full gut..I know theres so much in between but just looking at the surface to start withAdvice from some builders....Thanks in advance

The pool pump is shot and the concrete around pool is cracked.

Here is a decent calculator:  http://www.bankrate.com/finance/mortgages/when-to-refinance-your-mortgage-1.aspx

To get started I'll be using a decent inheritance to fund the flips.

The house is in fair condition already so with miner improvements a decent rental will work.  

If so and its in decent shape leave it.

It is very common to get in homes in decent suburbs under 50k and rent for $850-950 without any problems finding good tenants. 100k homes will reach you into the $1200-1400/month that will get you even better tenants.

-Pricing for properties in this area and in the 1-2 mile radius are all over the place, but seem to comfortably rest in that $349,000-400,000 range for a decent 3bd/2bth property with age ranges of properties around the 1950's to 1970'ish range.

Being from Grapevine, you well know that we are in the midst of a long period of high demand / low supply in my search area, so finding a decent deals can take quite sometime.