I think you need a little more detailed plan. First thing to do, and you should do it now, is get a soil test. That will take about a week. Once you have that in hand you can add amendments to get your soil in the best shape you can. It's not a bad idea to get rid of as many weeds as you can too since they can drop seeds that you don't want popping up in your new lawn. After you kill everything (I hear killing Bermuda is not the easiest thing in the world) you should scalp the dead stuff with a mower. Cut it as low as you can and use the bag attachment to collect it. Now fescue likes loose soil, but tilling will make your yard lumpy and uneven if you don't follow it up with a grading and rolling, so what I like to do is a core aeration, followed by a power raking. Then a manual raking would be good to get any of the remaining dead stuff up. I have never used a slit seeder, but from what I have read and heard they don't work all that well, and if you are using a bunch type grass like TTTF the results can be patchy. Use a broadcast spreader, it's faster, easier, and more uniform. It's very important to use the proper seeding rate. Most fescue is 8-12 lbs per 1000 square feet. Don't think more is better. More equals problems. I would stay right in the middle of the range, that way a little too much or too little will still be in range. Also when you spread seed, split the total amount in half, half the spreader setting and spread twice by going in two directions (north-south, east-west). Once your seed is down, use a water filled roller to compact the seed into the soil. Now, I like to topdress, usually with a topsoil/peatmoss mix. It gives better soil contact, keeps the seeds moist better, and the birds can't see your seed. It's not essential but I find it gives better germination. If you topdress don't overdo it, just enough so you can't see the seed. 1/8-1/4". Then I like to put starter fertilizer on top at half the recommended rate. After all that you have to keep it moist, constantly, if it dries out then you have to reseed. So light watering 5-10 minutes, three times a day usually works for most people. TTTF takes about a week to germinate, but you need to continue watering, albeit less and less as time goes on. Once it hits three inches you can mow it down to two. After the second mowing I like to add the other half of the starter fertilizer. In regards to the seed you use, Lesco brands are ok, but you can do a lot better. Check the NTEP trials to see which TTTF does best in your area (http://www.ntep.org/data/tf06/tf06_09-9/tf06_09-9.pdf). It might be a good idea to select three cultivars, and ones that are brown patch resistant is not a bad idea in North Carolina.

Thanks for the info Tiemco. I'm gonna have to find a place that you can rent power rakes and rollers. Most people around the area hire a company to do lawn renovations, but that's just not in my budget, and I think I could do just as good of a job if not better. I'm going to head over to the property today to spray the lawn with some Weed B Gone once I get off of work.