Possibility buying a single-family foreclosure

[Kisaki Nicole Kaopua]

Hi BiggerPockets family! I have been searching for single-family properties to make my primary residence, in hopes to buy and hold (long term investment/ equity), and came across a foreclosed home in my neighborhood that was newly built (2021). Home seems to be in great condition as I spoke to the REO agent and they were able to give me the "inside scoop" on the condition of the property. He states it is the BEST auctioned home that he has worked with. That being said, this home seems to be a GREAT deal. Auction starts at $177K, I am willing to bid $250K-$300K as I am trying to get a great deal. Worth a shot. 

I do live in a lower-income area that is now up and coming (more job opportunities, more infrastructure being built, local amusement parks, close to city, etc). I know that this property will be worth it. This auction is giving first dibs to residential buyers over investors. 

I am currently up a little more than $100k on my current home an I have an FHA loan on my current home. If I win this bid, I would rent out my current residence and move into this one for about 2 years. This will be my first investment focused property and also first foreclosure deal. I am exploring my financing options and trying to figure out what would be the best strategy? It seems that there needs to be up-front cash ($300k) on hand. I am thinking of getting a hard money loan, but interest rates are through the roof!! Any advice/ tips would be helpful!!