Make sure you have safety chains.
They need to be separately anchored and snug after lifting.

You can also stand it up against a wall, but you would still lose floor space.

One additional note is that you might be able to remove the tires before hoisting. Tis would possibly reduce some weight and give a little additional clearance.

Thanks for you input. Fortunately, a friend heard our dilemma and offered to let us keep the trailer on their acreage. I'm relieved!

This reminds me of a buddy a few years back that lived in a development with all sorts of restrictions, including a 'no boats on trailers in the back yard' rule and 'no overnight boats on trailers in front of the house on the street.'

His boat on its trailer was NOT going into his garage.

He finally ut in about 8 posts, cut them off at an appropriate angle, put some 2x lumber on top connecting the posts, ten had a huge party.

He backed the boat into the back yard by the posts, and about 40 of us lifted it onto the support he had built.

The HOA immediately complained.
He ignored them after a discussion with his attorney.

They sued.

He brought nice pictures in for the judge.

Since he did not have "a boat on a trailer" the judge ruled the covenant did not apply.
It was a boat on wooden posts.

The trailer was at a storage yard on its side.
Smaller amount of space to pay rent on.

And then awarded him attorney fees (almost unheard of).

It seems the HOA had been before the judge multiple times before over all sorts of small things and annoyed him in this case.