First thing I usually do is de-grease the engine and pressure wash it thoroughly.
Believe it or not, best product I have found for this is
LA's Totally awesome from the dollar store.
Starting with a cold engine, spray the engine with a garden hose, then soak the entire engine with Totally awesome. squirt everything. let it set for a few minutes but don't let it dry. pressure wash off the grease or use a spray nozzle if that's all you got, you can use a scrub brush to remove thicker deposits. Repeat this step until the engine is as clean as possible.
A clean engine is just nicer to deal with.
Once the engine is clean, I prefer to store them with a fresh oil change. Run it up to operating temp, drain the oil and replace the filter.
Be sure to write the date and mileage on the filter.
After that, run the engine for a few minutes to circulate the fresh oil.
Storing an engine with fresh oil in it is one of the best things you can do to ensure it survives long term storage.
Next drain the coolant out of the engine. There is a drain plug on the side of the block, If you pull the drain plug, ALL of the coolant will drain out of the engine. This is nice because it will prevent coolant from spilling out all over the floor during storage. This can be done before or after removing the engine. Replace the drain plug.
Pull all the plugs out and spray some fogging oil down each cylinder. rotate the engine a couple times by hand and spray a little more in. replace the plugs and tighten them. This can be done before or after removing the engine.
If you haven't done so, remove the engine.
Either obtain an
engine stand to hold the engine or you can build a
simple engine cradle out of 2x6 lumber. If you were feeling ambitious, you could also build a
crate.
Wrap the engine in a heavy trash bag and place it on it's stand or cradle or in it's crate.
Label the engine so you know what it is later.
tuck it in a corner.
Grab a beer, you earned it.