I've recently spent quite a bit of time under my trailer. What I see in your pictures is some superficial surface rust. I see a couple of soft spots on the trailer where it looks like someone has filled some cracks with some compound or tried to seal some damage from water ingress. Not a big deal. Just get a sanding disk for your drill or grinder and get it clean, then repair with a little
fiberglass and resin, sand it and and
paint it. It's sometimes hard to tell when a frame is rusted internally. I have a small hammer that I tapped all over the frame. If the frame is almost rusted through, you can often hear a difference in pitch. If you do, take a screw driver and try and push it into the frame. You can sometimes find rot that way (my car in high school didn't like Canadian winters and salt and I could poke holes in my fame). I used a wire wheel on a grinder and went over the whole trailer frame a few weeks ago. I wasn't about to do a frame off restoration like some of the ambitious people do! No issues and it looked far worse than yours when I started. From what you've posted, I think yours is probably fine, although I don't know this particular trailer, but have had a few different ones over the years. Good luck and enjoy your new baby! You guys don't need
brakes on those trailers I guess. I had to put them on mine. You might want to get some of that split plastic wire loom and put it over the wires and strap them to the frame where you can. Better than having them slap around in the wind and break or short....I did that when I re-wired mine.