Phil, that picture isn't a good indicator of the whole trailer. A lot of rust issues beyond the tongue there, fenders are rusted through and the trailer jack is about to fall off. It's also got those inertia brakes, which no longer function leaving the tongue 'clunking' whenever I stop and go. I definitely think mine is fixable, but I don't think its as cost efficient as just finding a good used one, by the time I factor in sand blasting, sheet metal repair, and paint.
Brandon, sounds good, you have any pics of the trailer?