Since your on your own property, you'll be limited to what is already there for cover/access, etc. Generally, I like to be in a spot that's away from potential conflict with other hunters (small game and bear) and especially hound hunters. As noted above elsewhere, on the edge of thick cover is great. Take into account prevailing winds and your entrance. If the wind is blowing from thick cover to your bait, great. Set up where you can be low in a tree for best shot angle. No more than 12 feet if you shoot sitting down and less if you need to stand. 12-14 yards from tree to bait is good. You want a low shot angle so you are guaranteed both lungs. Too high with a close bait and you're increasing your margin for error. Make sure you have good cover around your stand so that you can be hidden. Sometimes bears will come in knowing you're there, however, why give them the edge if you don't have to. The bears will find the bait, period, so select the best spot for a stand close to security cover and where you can get in and out quietly without crossing over territory the bear may be laying up in. Try and bait the same time each day. We've had bears come in right after baiting on camera's. If so, you can do two men in and one man out with the other sitting for the hunt. Do not introduce a new person to the stand or bait and ideally set up the stand when you set up the bait. I had a bear that was coming into the outfitters bait in Ontario that was a dandy. The outfitter, myself and one other guy went in to set the stand. That night the bear came in and hit the base of the tree where everyone had been walking around. He turned and walked away. Saw him again 70 yards behind the bait looking over the bait site standing on a log. I'm convinced he didn't like the new scent from others who weren't baiting everyday. Don't be afraid of the bears. Slip out quietly after shooting light is over very quickly and quietly without light until you get away from stand. Don't hunt if wind is wrong. You'll fool eyesight, but not the nose and not hearing. Make sure stand is quiet. Shot placement is KEY. Look at the shot placement guides at top of forum. Two lungs and you'll have a short happy trail. Poor hit and unless you have a dog, you're more than likely not going to retrieve a bear. They'll go for miles. I've shot at and collected all three bears with 35, 42 and 60 yard trails. I've been on other trails with poorly hit bears for miles. Hit them correctly! In Michigan, we have to keep bait on the ground. We dig a hole and cover it with logs to keep little critters out of the bait. Trail camera is handy, just keep it on the trail in and out of the path you're using to get to the bait. You'll see pictures of the bear going back to the camera, he'll trail you. A bear proof camera holder is a good idea. I've had buddies with camera's swatted off the tree and I've got close up facial pictures on mine. Put some bacon grease on the logs you use to cover the bait with. The bear will get it on the bottom of his feet when he swats the logs off the bait and he'll lay scent trails out for you that can attract multiple bears. You can start a bait site with a stink bait placed 10-15 yards from your real bait site. Bear don't like rotting stuff, but they will eat the maggots. Use sweets. I've used cheap dog food covered with cheap syrup purchased in bulk one gallon jugs, but see if you can get stuff from a bakery or other place like that. Also, when setting up your bait site, do it by some trees that you can build a 'V' with logs to create a wall that the bear has to come in and give you a broadside shot. You don't want a bear coming in at last light and plopping down facing you in the stand.
Good luck. Baiting in and harvesting a bear you did all the work for is very rewarding. If your successful, get the meat cooled ASAP. Bear season is generally warmer weather and bear meat spoils quickly. My last bear was shot on a 70 degree night and fortunately my buddy had a walk-in cooler which I got to place him in. Even in the cooler I put 4 bags of ice in his chest cavity. The meat turned out impeccable. Bear roast in a cast iron dutch oven is incredible.