Very good information folks. I went with the "hang it from the ceiling" idea. took about $10 worth of hardware and 1/4" rope to rig a double block and tackle rig from the garage ceiling, one for the bow and one for the stern. She now hangs in the garage taking up no floor space at all.
Also, to answer the other question, I use a 4HP Yamaha with internal fuel tank to power it. Not very fast, but fast enough and goes seemingly forever on a tank of gas.
Bob