FlowLayoutPanel with Layered Controls with relative position (vb.net)

How do I use FlowLayoutPanel to display multiple PictureBox controls, where each PictureBox, has 3 relatively positioned TextBox controls nested inside?

I am making a mailing label printing application.

I needed to dynamically display labels to be printed by using a FlowLayoutPanel. It is easy to see how to use FlowLayoutPanel to display multiple PictureBox controls, and I really like the way the layout is handled.

Is this a case for a custom control? Is there a way to control the position of the Textbox controls relative to the parent PictureBox? Do I extend my MailingLabel Class to include the visual components of the mailing label as it is displayed in the form?

Need some general guidance.