Help! Analyze my pre-foreclosure deal hunting method

Hi, I’m new to REI, no deals yet. I just started using this method of finding deals but don’t know anyone in this business other than a couple contractors, so I’m not only looking for advice on this but contacts as well just to learn.

I have access to the MLS and a foreclosure database. I look up SFR’s in my county (dupage) that have a scheduled foreclosure auction date (no more than 2 months away) and then see if the house is listed with a realtor for sale. I have the mortgage balance of the delinquent homeowner and the list price, and if there is enough equity I make an offer. What are the chances of this working? I understand the realtor takes a chunk of profits away but it’s obviously much harder to find and make deals otherwise. I looked at two possible deals today, and one of them has lowered the price considerably and is anxious to sell. I have talked to several mortgage brokers and I’m planning on doing no doc, interest only, 100% financing, is that the best way to go about it for immediately flipping? If anyone has any knowledge on this, please share. I understand people coming in with lines of credit or cash offers have an advantage over someone with just regular financing since time is the main issue, but it seems like there are tons and tons of deals out there right now anyway. If anyone has input, let’s discuss, I will check back here often. I’m open to discuss everything about this. And on a side note, I passed the re exam and I’m planning on getting a license so I can get the commission if I work with a realtor.