[RainmanX]

Aluminum trailers can have limited life due to flexing, and have corrosion issues too, like around axle mounts; you can find threads on such issues about once per year hear, where the corrosion gets out of hand and the aluminum trailer gets scrapped.

The axle mounting is very susceptible to corrosion and fatigue.(especially with dissimilar materials and corrosive chemicals). Be very careful if you are looking at used aluminum. On my R&R Hybrid the axle is mounted differently so that it's stronger and less susceptible to trouble.

I have two friends that have totaled trailers due to the mounts. One of them was just serviced with all new tires, bearings, etc, and then a axle mount bolt broke. The other the axle went through the tube into the trailer.

 

[RainmanX]

Also the lighting is wonky, it flickers and when you use the turn signals EVERY light on the trailer blinks. Looks like it wouldn't be too hard or expensive to rewire it with some better lights?

Depends how much you plan to work and use it. There are some cheap wiring kits available for the standard 4 wire. They will probably last 1-3 years, depending upon many factors.

If you want to do it right, it takes quality wire, solder connections, and time to make the connections water tight and electrically stable. No "scotch lock", basic crimp (solder crimp for terminals is great), butt connectors, etc. Ground wire(s) aren't simply fastened with a sheet metal screw, but a nut and bolt (with dialectric grease).