Within shooting range if you want to hunt it. Probably about 50 yards for rifle or 30 for bow unless you just want to set up along a trail leading into it.

If you are hunting above the feeder make sure you put your stand high enough to stay out of deer sight. They do a lot of looking around while they stand there and eat.

I have a stand where my feeder is directly below my treestand. It is a very successful stand. My other spots I put my stands/blinds about 20 to 30 yards away. I only bowhunt and my maxium range is 40 yards. This puts me in the strike zone. Place your stand the maximum you can make the shot ethically away and you shouldn't have to many problems.

I myself dont use feeders. I like to set up in travel corridors to feeding area from bedding areas. I think feeders alter the natural movement of the deer and dont consider it fair.

This is just my opinion. I know other people have theres. No offense intended

As long as "baiting" is legal in your state, the further the better as long as your in "affective" shooting range and you have good optics. If your bow hunting, you should be accurate out to 40 our 50 yards but deer can easily jump the string at 30 +, so 20 is a perfect range. But like Big C said, your better off hunting the trails here. With a rifle ( if legal), say a .30-06 you should be accurate out to 300 but a general safe distance (with a rest from a stand) is 150-200 yards. The reason is you want to eliminate your scent, and the further away you are the weaker your scent will be. Plus you can sneak in and out without spooking the deer.

I'd set up on a trail leading to it about 75 yards away

Yeah, in MI we are not allowed to bait, plus I was never a big fan of it. Where I am at there are just to many crop fields in during the fall, it's kind of futile. I know people that had property further N. of where I am, where there are fewer crop fields, and they baited when it was permitted. In that situation I could see trying to bring a deer in, because there was nothing up there but woods. I see both sides of that one, just not a fan of hunting over bait.

20-30 yards for Bow 100 or 150 for a rifle

Hunt the trails leading to and from the feeder. Don't put it too close or you cannot get into or out of your stand while deer are feeding.

If your after a big buck don't hunt your feeder. Expect a big buck to stage in a thicket down wind scent checking does. Pattern the path the does use to get to the feeder. Do not hunt that path but down wind of that path into the closest thick area. Feeders work great to get your neighbors deer onto your property. The more deer the more comfortable a big buck will feel.