I clean the pads as well as I can (by hand, no pad-washer here) using Dawn, either regular or Power Dissolver. Rinse thoroughly and air dry. Then I store them in cheapie plastic drawer units (new pads are stored in RubberMaid Rough Totes).
I find it odd that people's pads aren't lasting all that long (no, that's not some :nono it's just different from my experience). I don't do much correction these days, but even when I did my pads lasted for a long, long time and always stayed like-new looking. Only issue was the way some cutting pads got a bit more gentle. Maybe it's the new-tech abrasives or something like that wearing pads out quickly :think: Still, multiple uses of M105/M205 haven't worn any of my pads to a discernable degree.