The current Salt Lake area market is not your best bet for buying just to sell. Homes aren't appreciating fast enough for quick equity. There are still a few parts of the country where prices are rising fairly quickly, but the Salt Lake valley is going to stay level for a while. The area should appreciate around 6% in 2008.
Herriman, along with the south end of the Salt Lake valley and the northern part of Utah county, are the areas most difficult to sell a home in right now. There are currently (as Jan 13, 2008) 809 homes for sale in Herriman, Bluffdale and Riverton, with only 80 homes going under contract in the last 4 months. For comparison, in the entire Salt Lake valley there are 7030 homes currently for sale and 3303 homes have closed in the last four months.
Remember, real estate should be looked at as a long-term investment, not a quick buck.
This is a great time to buy rental property in the Salt Lake area as prices are good, interest is very low, and the rental market is going to continue to rise as it becomes more difficult to purchase homes and the 100% financing options become difficult to get (and with higher interest rates- beginning mid-2008).