Please help to identify the character
I have answered a very similar question before. Please refer to the following:

An unknown Traditional Chinese character on a decorative piece for Lunar New Year

As to the proper way to hang this, I have never seen this hung upside down, unlike the character "福", which is often hung upside down because of a play on the words "福到" (blessings arrive) and "福倒" (blessings upside down).