Well, you are looking at a trailer that is 50+ years old. So, when you ask what could go wrong, the answer is pretty much everything.
If you don't want to spend a bunch of time working on your trailer, then your best bet is to find one that has already had the work done on it. You want to see receipts and pictures of the work being done in process. Plenty of people buy an old wreck, slap down new flooring over rotting subfloor, paint the walls, and fix up the upholstery, and call it "refurbished." You will find the problems eventually.
Do you need to replace the wiring? if everything is working satisfactorily, then probably not. In order to do so, you will need to completely gut the trailer, including removing the interior skins and insulation. Two years or so from now, you will be ready to camp.
There isn't much you can do to inspect the frame, as it is mostly covered by the bellypan. Look up underneath it anyways. Also, stand on the rear bumper and bounce up and down a bit. The bumper should not move independent of the shell. If it does, then the rear end is separating.
So go through your inspection checklist, ask if the axle has been replaced, verify everything is working, ask if grey tanks have been installed, confirm that there is a true RV style refrigerator, and not some kind of dorm fridge. Check all along the edges of the floor for rot, especially behind the refrigerator, near the door, and in the back and front.
There are several Forums members in Austin--go to the tab that says "portal" on it, and from here, you can locate members who offer to act as inspectors. See if you can get one of them to go with you trailer shopping.
good luck!
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