In answer to your question- Yes, I hope to buy and hold here and flip when possible.

Quote from @Roxanne Whitaker: Please be aware if you buy an investment property and do not live in MD, when you go to sell it you will pay an 8% tax at settlement. 

Future land appreciation in this area might outweigh any tax benefits from buying in other areas, with a better (tax-wise) ratio.Before pursuing your plan, talk to a real estate accountant to figure out if you can, in fact, benefit from cost segregation.

Or only buy something for $350K and pay tax ont he $100K difference.

Some 'ting fishy and smell of foul odor.ARV of $375,000 and buying for $103,000?

It will be even harder as a young person with no life experience, and particularly no experience buying real estate. 

I think asset prices will continue to grow, areas where millennials can buy affordable real estate will be where I'm setting my sights on.  

Where you pick will depend on your goals for cash flow and your budget to buy.

Publication 15, Employer's Tax Guide, says only this much:...Payments for the services of a child under age 18 who works for their parent in a trade or business aren't subject to social security andMedicare taxes...No definition, and IRS publications are not really law anyway.

A month post closing, the son of the buyer (mother) has written a "legal" request to have us buy him a new refrigerator.