This is TeamSkenes hanging bicycle stand with my modifications. Total cost around $50. All pieces where bought from Home Depot. Extremely sturdy. Extremely easy.
Same procedure as TeamSkenes, however my setup was to connect to a vertical beam instead of horizontally like his. I tried the setup with just one pipe going straight up to the beam but the bike swiveled back and forth from the flange at the beam so I had to add the necessary brace. I plan to weld all the joints together and then paint it.