Bidding for foreclosed homes online?

[Mack Lev]

Alright so I'm currently trying to get myself in a position to use the equity from my rental (that's owned free and clear) to try to acquire another piece of property for a flip. My rental property is cheap so I'm guessing at a 60% LTV with a maximum property value at about $30k hopefully I can get somewhere around the $16k figure. Now my preference is to bid for a foreclosed home online because the profit margin in the end is very substantial depending upon what you get. So my question to you seasoned investors is will I have enough money to compete in bidding out other investors? Is $15k enough? (For a decent property) And also I plan on selling which ever property I get as-is to save time and money since I already acquired it so cheap and because most likely will be out of state. But are there any other expenses I should save/borrow for? And any other tips i should know when bidding online? Thanks in advance, Mack