Hanging under tarp at end of hammock works for me, but I learned on my first trip what NOT to do:
Soaking wet stuff, but not raining anymore when we set up camp, so I look at my HH with its ridgeline and bugnet making an inviting place to spread stuff out to dry - looks like a perfect situation as the net will keep everything spread out to dry more quickly, right?
Absolutely! Unfortunately, all of the water drained through the net (DUH!) and SOAKED my bag in the hammock. I had a pool of water in the hammock!!!