I use deer carcass from butchered deer. I Cut everything into pieces that fit into 5 gallon buckets. Add warm water to loosen up the blood and freeze solid. Anchor to a tree with cable that I froze into the bucket and around a bone. This all works better in the colder months when food is more scairce and my stuff doesn't thaw to quick.
You may have more coyotes than I do. Sometimes they find it in a week and some times a day. I like to establish that there is food there for them without any pressure so I don't visit it but in the day time and from a distance. Once I establish they are using it frequently, I set up in the evening because thats when the coyotes where I hunt come into feed.
If I don't anchor it or freeze it, other critters will eat everything before the coyotes or drag it off somewhere I don't know where it is. I have had Bears, Bobcats, Crows, Buzzards, Eagles, Fox, Raccoon and various other critters visit and steal everything.
I also don't like to put the bait in the wide open. The Coyotes get real nervous in the open and don't stick around but a couple seconds. Once they find it I move it into the laurel or bush more. If you give them a comfortable approach in some cover you will be better off. Keep in mind I only do this once a year so I am not an expert. I got the idea and some of the method from Andrew Lewand who wrote about it in Predator Extreme some time ago.