Rolling Enrollment Cap of 25?

Community Member

We are interested in offering a self paced course, with no more than 25 active particpants at any  one time, ideally such that when the first student finishes, their seat becomes available automagically for the next person on a wait list or, if no waitlisters then show the 1 course as available for registration.

Is this how it works out of the box? or are there configurations to achieve this or get close.