If pratical keep it on the shady side of the house, out of sight is more important  It's mandatory to keep it off the ground on something it won't get blown off of or over. Even pallets will work. Critters will work hard to move in and trash it, you need a secure bug-racoon proof cockpit cover. Some sort of frame to keep the tarp off of the boat with a tough tarp securely fastened is needed. Blue tarps are too short lived to be economical. You have to inspect and replace them often or your boat will suffer, get something better. Blue tarps only advantage is they don't say 'valueable object' to prying eyes. I've been known to put a BT on stuff just for the urban camouflage aspect, like putting a Brand X cover on an expensive motorcycle.

Don't know what hatches you have but if you can adjust them so critters can't invade but the gaskets aren't fully compressed.

Keep in mind chafe, like rust, never sleeps. 

for outside storage consider storing upside down to ensure water won't get in the cockpit and sit.  make sure you put it away clean

ensure supports for it are close to bulkheads to avoid warping/compressing the bottom.  wide supports to spread the load are also a good practice.

key thing is to keep the sun off of it and to let it breath....don't want to hold water against the hull with a saturated/wet/dirty tarp.  ensure it is secured against windstorms, mud and debris...and critters :)

h

   I agree that storing the boat upside down is a good stratgegy.  I stored mine upright one season and the cockpit covers allowed enough water in to nearly fill the boat.  I was amazed that the Harken Hoist didn't pull out of the deck joists!  The water sat in the cockpit long enough that I had to dry it thoroughly and do major repairs to put the Tred Avon tandem kayak back into service...lesson learned.  Water sitting long term will find its way through the best sealing job and start the rot process.