You can read my lengthy rant about my first fly-caught bonefish here. Inthis post, I’ll try to be succinct as I sum up a recap of the trip.
I stayed with my family in a small rented cottage on Harbour Island, just west of Eleuthera in the Out-Islands. Harbour Island was a very charming village, but also very expensive! There were easily accessible bonefish flats in the immediate area, both on the west side of the island just north of the government dock, and across the bay on mainland Eleuthera. Unfortunately I did not have the chance to explore them any further, as a massive cold front dipped into Florida and shut down the fishing for the rest of the week with temps in the 50s-60s and winds gusting above 20.
First lesson learned: the Bahamas are very susceptible to continental weather patterns. If you go in the wintertime, there is a risk of a low pressure system from the Gulf of Mexico swinging across Florida and affecting the Bahamas. I’ve spent more time in the Virgin Islands, located several hundred miles further south, which are more influenced by the easterly trade winds and less susceptible to a winter cold front.
Back to Harbour Island. I’d rate the island as less-than-ideal for the DIY fisherman on a budget, and more geared towards a fisherman with a family who wants the amenities of a town with accessible fishing nearby. I believe mainland Eleuthera could offer itself as a perfect home base for a fly angler of modest means. Many flats on the long skinny island are accessible by rental car and walking, as opposed to a guided flats boat. They are easily identified on a satellite imagery program like Google Earth.
Second lesson learned: this is a major theme of mine, preparation is essential! After spending awhile browsing the area on google earth from the comfort of my lounge chair at home, I had identified several flats and was prepared to fish different areas based on different wind, sun, and tidal patterns before I even stepped off the plane. Resources abound today that were not available to pioneers like Lefty Kreh and Joe Brooks. Use them! In my case, it greatly accelerated my familiarity of the area so that when I arrived, I was able to spend the one good weather day fishing instead of scouting the area.
Onto the fishing. I was entirely on my own for this one – no guide or second pair of eyes that are indispensable when searching for a mirror-sided fish in shallow water. 
Third lesson learned: As I made my way across the flats, I kept in mind something I had read on the plane ride. I will paraphrase some advice that legendary Harbour Island guide Joe Cleare offers up in Dick Brown’s book Fly fishing for Bonefish. Bonefish can present themselves visibly to an angler in several dozen ways. You can’t just look for tailing fish, muds, or flashes. You have to be prepared to see the fine outline of a fin against a turtle grass bottom, or a single black eye against a brilliant white muddy bottom. In my case, I never even saw my fish til it was in my hand, but I was able to succeed because I recognized the disturbed water associated with a cruising fish and made the necessary presentation.