Attaching items to character

I have a quick question. I have not had the time to put this logic into blueprints, but I am taking notes and think that I have this correct.

If I want my character to pick up an item and then have the item float around and follow the character. Would I do something like:

  1. Player overlaps with item trigger box
  2. Item cast to player and get the world location
  3. Set the world location for the item to the players world location
  4. Adjust X, Y, or Z for the item accordingly (based on needs) to a certain position

For an example of 3 and 4:
Player is at X 100, Y 100, Z 20
So I would set the item to
X 150, Y 150, Z 20

As the player moves the item should also move and stay in the correct spot that was designated, 50 units behind the player. Am I thinking about this correctly? Also if any know of any tutorials that are similar to this please let me know

I’d make the actor that you pick up, a child actor component of the player character… in the relative location that you specify