I did mine by using a crank style boat winch and a few pulleys.  I set up four of these units (three canoes and one kayak).  They were  designed so I could put the canoe trailer under them and raise and lower accordingly.  I used nylon strap from the winch to the first pulley then rope going through the pulleys.  They work great.   I have the luxury of a large storage garage although I used to hang two of them in the attached garage.