Auction Flip deal scenario

[Kevin Harrison]

Hi everyone, I'm looking for some feedback on a foreclosure at auction. Amount in default is $304k, no other liens, tax payments are current. The owner moved out of country and his son was living in the home and not making payments. It's been vacant but I've seen the inside...needs cosmetic work, paint and replacing carpet. Mechanicals are sound, roof is good. I estimate up to 20k in costs. Similar homes in neighborhood are 425-475k. Auction rules are 20% down on day of sale, and 5 weeks to pay the balance remaining on winning bid. If I were to win this home, I was thinking to use my own cash for the down payment and secure short term financing to complete the purchase. My plan would be to use my own cash or my HELOC to fund the rehab. Then flip for profit. What things should I be aware of? This is new territory for me. What is the best way to obtain this short term financing? I have never gone down the hard money road but am curious as to how easy this would be. There's a good chance the bidding will go higher than I am willing to go, but in the event that it doesn't and I can secure this home for 325k or less, I feel like there is minimal risk. Please tell me what I am missing in my thought process.