Hi Peter,
The classic CC3D (these cheap board for 10-15$) is not able to do GPS Navigation (position hold, waypoints, return to base) , for that you need a more powerfull flight Controller, the Revolution or the Sparky 2. Position Hold you can realize via the flightmode switch. Im doing the same at the moment with a revolution board, have a look at the wiki, its well described there.
Udo