I am very envious of your find! Maybe even jealeous! Even though it's pink! LOL!
Looks like there's a good foundation to work with with a solid steel frame. For that matter, seems like there's lots of steel everywhere to that camper trailer. Can't beat lots of steel.
Some brainstorms for the future... Cut out the fenderwell openings, probably enlarge them as well and put some fender flares on so that you can fit the same tires that your truck runs. Instead of a tube axle, run a trailing arm suspension similar to the Adventure Trailers. With that steel subframe, the trailer seems setup really well for a HDPE skid covering the bottom so it doesn't hang up. Also, the subframe would be very amendable to reinforcing with gussets and other type braces to increase rigidity and strength if you get it in some rougher terrain.
Oh, after you get the trailer painted something other than pink... Can I borrow it one weekend? :wings: