Until we have the tribunal book then we should not decide on where the covenant lies but please feel free to toss ideas on what kind of covenant you wish to have. Think of the following.
• Layout (can anyone draw a map?)
• Income
• Boons
• Hooks
• Anything else
There is one thing that I'm afraid I'll have to be very insistent of, I want a Mercere Portal! ( Or two or three or four 
) Since I'm playing a Redcap, it would at the very least make sense to have one heading back to Harco ( Domus Magnus of Mercere, in the Roman Tribunal. Hub of the portal network ).
I'm thinking that since my Redcap is a self styled 'Merchant Prince' that he will want to emulate Harco and create Mercere Portals leading to trading spots all over Europe. But this can be a later goal, not something that he has to start play with.
That said, I'd prefer a Covenant that is on the water as to best enable this.
So far it looks like having the covenant near (or on) the waters would be appriciated by most of us.
So perhaps fishing and/or trade for income?
I had planned on Trade / Piracy for my Redcap as a means to support himself, hence the Mercere Portals that I'm trying to get built all across Major cities in Mythic Europe. So it seems logical to me mate.
Based on the prevalence of trade, hospitality, piracy, and Aquam in the character sketches, it looks like we are heading for a coastal covenant. I vote for that as well. Maybe we should take some hooks that wash the riff-raff of the seven seas up on our doorstep. I'm thinking of the road/sea-lane hook from Covenants. Would folks rather be on a secluded coastal island with difficult access or adjacent to a bustling harbor?
My seagoing Verditius Caspian would be interested in building a lighthouse that served as a mundane disguise for his wizards tower.
The Island of Mykanos!
Or something else in the Agean.
The Greek islands are known for their carefree Epicurian party lifestyle 8)
Me, I'm a Peloponesian (and so is my character). The character will tend towards being very stoic (though I myself am a mixture of the two)
Fine with me
I am thinking a set of really small island near a costal village where the mundane servants of the covenant live and work and where the central hall and library are located. Each magus has his or her small island with a lab and a few servants. The vis and the books are what keeps the covenant together and perhaps the formal need to apper as a covenant. Anarchy here we come! 
I would love to be in territory nominally belonging to a crusader state, with all the potential for chaos and mundane problems that entails. Also, as regards the water, my magus is Venetian by birth, so tying the merchant princes who owned those seas in to the covenant's affairs would nicely tie in his family and potentially some old political grudges.
I would prefer not a crusader state. I would like to immerse ourselves in Greek culture, no need for an umbilical cord to the Romans
I am still trying to figure out details of a character but what about putting the covenant on the Isle of Crete. Sure we will have to take a ship to the mainland but we could control shipping. Perhaps a merchant captain/company as one of the companions.
That's the idea behind my Redcap! Merchant shipping / piracy and what have you.
The sea coast is very good and income on mix of fishing, salvage from wrecked ships and piracy sounds good to me. As eagle and Dolphin, my character will do well.
Natural defenses, perhaps shoals and such so that you have to know way into the cove to get into it.
Mystical creatures perhaps as boon or perhaps as hook in the water and on shore.
We can know more once tribunal book is out.
Covenant writeup
This is the start of the covenant write-up.
Boons
Ungoverned (due to anarchy covenant)
Sailors
Island
Criminals (pirates)
Aura *2
Mystical portal
Secondary income (trade)
Local ally (A air spirit that resides above the island)
Hooks
Divided loyalty (due to anarchy covenant)
Fractured council (due to anarchy covenant, but do not count as the covenant is dominated by player character. If we wish this to change then we need to start written up a NPC magus each…)
Road (important sea trade route nearby)
Rights and customs (a lot of Epicurean feasts)
Monster (minor, a great sea serpent nearby. Unknown)
A magus household
Each player character has the following
• 15 mythic pounds for his or her household (should pay for everything, from lab to food and buildings)
• A standard lab
• A individual loyalty score (calculate this according to the covenant rules)
• A vis income of 5pawns each year)
• A magical aura of 5
• 25p of resources as per the covenant rules of p. 5 in Covenants (This will include your library so magi may borrow books from each other but can’t expect to do so...)
I like it so far! A few quick questions for the group. I see that there is a way to get additional vis ( either in a source or a stockpile ) but when it comes to money you can only buy it in a stockpile. I was wondering if it would be possible to spend some of his build points on increased monetary gains each year through his piracy/trading? Since I'd imagine that he has a much more 'hands on' approach to both. How about taking a third source of income ( maybe fishing )? Also I have no need for a lab or an aura ( in fact I'd prefer to avoid warping from the Aura! ). Would it be possible to remove both of those and instead gain things that would help mundanes more?
Again, all of this really only pertains to my Redcap since he's quite involved in mundane activities.
The income sources of the covenant is the following.
• 100 mythic pounds of silver from fishing, salvaging, piracy, hospitality and so on as a benefit from the nearby trading route.
• 50 pawns from trading in the Mediterranean.
This I have chosen to convert as such to 15pawn per magus or maga. This will be the case as the budget will both reflect a anarchy covenant and will allow for player to drop in or out without making recalculations of the budget necessary. If you wish to have a greater income then more virtues are needed so either exchange a virtue or get a additional flaw. Each 100pounds of income gives 10pounds per magi.
That's fine Max, but what I was aiming for was more in the line of increased personal income. If I go out and do things, or my men go out and do things ( IE I spend points etc ) then why should I split it with the Covenant? Basically I'm looking to be able to 'buy' income that is reflective of his personal trading ( IE the mercere portals and such that we've discussed )
The mythic portal could be a Mercere portal but if you have a suggestion on how much silver for a point then let me know. How about 5points per 10 pounds of silver, same as the vis source if translate 1 pawn of vis to 10pounds of silver.
Sounds good to me. Does the Covenant have a Steward and a Chamberlain or is someone going to have to 'buy' them with their points?
Yes, and that person could trade their service with their soldaes... There could be intrigues. 