If your image comes from your online server, use cache then save the URL to your SQLite database together with the other data you need to access when offline.
As for the downloading and caching approach for images you can see this link:
http://theandroidcoder.com/utilities/android-image-download-and-caching
Once the image is downloaded and cached you can view it even offline. :) Or else you may want to store the whole image and save it in a specific path on your phone and access it when internet connection is not present.
As for your idea on storing in SD card. there is only one problem I can think about. When the SD card is removed, all your data is lost. You should search on how to better handle data on your phone as well as do as research on storing in external storage for this one. It's now on your end to do some research about it to further understand its risk and advantages.