Cut the back side rails from 48" to 24" yesterday with cheap ($13) hacksaw to modify the trailer from 4x8 to 4x6.
Drilled four new 3/8" holes on back end of back side rails with the 1" step drill bit and Dewalt hand drill.
Finished sanding and priming most of the red steel pieces today. Intending to paint with black trailer and implement paint next.
So far, invested $518 in the trailer, which includes $349.99 for the trailer, 8' section of 2"x2" square steel for a central support bar and tongue extension, plus primer, paint, hacksaw, and 1" step drill bit. My goal is $1,500 or less for the entire build. This may be realistic, since with the tent it will be $798. Plus I want to get some high quality road-ready radial tires on wheels (~$200, to make it about $1,000).