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Well, I guess you learned something here. It was a huge mistake to pay for a trailer for someone else. He owns it.
I suggest that you speak to a lawyer. Maybe you can find one of those free community law advisers.
Do you have any receipt for what you paid for the trailer? I think that might have an effect on how this goes. Verbal agreements are occasionally upheld (rare, but it happens) and if you can prove you paid for the trailer and he was making payments to you, maybe that will make a difference.
It does make a difference that you are on the lease. That makes you legally responsible for the space rent. As to whether or not your "friend" can evict you, I don't know. Seriously. get down to speak to a lawyer.
Also, whoever acts first often has the upper hand. Maybe you should file a suit against him before he can act. But speak to a lawyer before you do anything. And for Pete's sake, stop being so trusting.
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