I recently bought a Northern Tool Ironton 5' x 8' trailer. I will use it for a utility trailer, not for a teardrop trailer like I first intended to do. It took me several frustrating tries to get the diagonals within 1/8" of each other. I did not have a strap to use to help me get/pull the diagonals even.
If I were to do it again I'd first assemble only the two long sides and two ends somewhat loosely (not fully tightening the bolts). I found that there is a little slop in the bolt holes when they are not fully tightened down so the frame and its corners can easily be out of square. Then measure the diagonals so that they are even (within 1/8" of each other) before fully tightening the bolts.
To put it another way:
Step 1) Loosely bolt together the two sides and two ends. If you install the inside cross pieces DO NOT fully tighten up their bolts.
Step 2) Snug up the corner bolts, but do not fully tighten them at this stage. Visually square up the corners. Then measure the diagonals.
Step 3) Adjust the frame with a come along or a block and hammer so that the diagonals are the same or very close to the same.
Step 4) Fully tighten the corner bolts once the diagonals are even.
Step 5) Measure the diagonals again. If they are still even then install the inner cross pieces, OR fully tighten their (cross pieces) bolts if you previously installed them.
You probably will need to gently beat (use a piece of 2x4 and a hammer) the corners so that they square up. Then tighten the corners down so that they are JUST A LITTLE SNUG and measure the diagonals again. If they match (within 1/8" or so) then fully tighten the bolted corners. If they do not match yet use your strap or hammer to nudge the diagonals to measure evenly and then fully tighten them up.
I found it much more helpful to concentrate my effort on getting the diagonals to measure the same than to take a square to the corners to see if they were square.
I didn't do the above. I installed the inside cross pieces and tightened their bolts down...a mistake that made it considerably harder to square up the frame.
As an alternative It probably would have been Better/OK to install the inside cross pieces with the bolts just a little loose so they did not resist squaring up the corners and getting the diagonal measurements to be the same or very close to the same.
Now that I have the trailer assembled I am very happy with it. I purchased stake pockets and D-rings from Northern Tool and am almost done installing them. My next step is to install the floor. Then off to the DMV for a license plate so I can begin using the trailer.
BTW I bought elevator bolts and other bolts, washers and nuts from
boltdepot.com and they arrived within two days of my order without paying extra for expedited shipping. They are a supplier Steve Fredericks recommended. Their parts are much less expensive than buying bolts, etc. from my local orange big box or from Ace Hardware.