Reward: Promotion
Difficulty: Advanced
Estimated Time: 45 minutes
This reward is for completing the Lost in the Triangle mission. If this is the only reward you want, all you have to do is follow your copilot's instructions out to Bimini and then to the yacht. As you get close, fly about 100 or so feet above the water and release the cargo pod (SHIFT + D). It's a good idea to save the mission just before you drop it so that if you miss you can try again. Your copilot will then let you land at either Bimini or Miami (your choice won't affect the reward).
If you also want the other two rewards (Lost Squadron Insignia and Ghost Ship Sighting) you have two options. You can either do exactly what your copilot tells you and hope to find both the ghost ship and the lost squadron nearby, or you can follow my exact route out of Miami and fly directly past both of them.
If you do it the copilot's way, you should find the ghost ship about 2 miles due south of the yacht. The lost squadron will be somewhere 4 miles east of the yacht circling around 600 feet.
If you want a guaranteed sighting, immediately after taking off from Miami, set your autopilot to hold 2500 feet at 250 knots heading 114 degrees. As soon as the controller tells you to squawk VFR, descend to 500 feet and accelerate to 325 knots. At about 13.5 miles out from the Bimini VOR (according to your mission compass) slow the autopilot down to 200 knots for better maneuvering. At about 12.9 miles out you should pass by the ghost ship (you can turn toward it if necessary until your copilot says, "What is THAT?") and then a mile later the fleet of 5 Avengers should be off your nose. If you can't find them, switch to spot plane view and look on all sides. They'll be circling around 600 feet doing 120 knots or so. You'll know you've found them when your copilot says, "Uhhh... Did you see that too?".
From here, follow the mission compass to the Bimini VOR and start the search pattern.