Having bought and rebuilt several trailers I hope you didn’t pay over $1000 for that trailer because to replace all wheels tires and brakes you are going to spend about $1000. With 5x5 bolt pattern it is not standard trailer 5x4.5 so don’t expect to buy a spare at a local tractor supply if you have an issue. Also, the bearing buddies you speak of is a function of the spindle being drilled for a grease zerk, and without that no bearing buddies. You would need to replace the axles at that point, which would be more cost effective. By now you are about $1500. Sorry to bust your bubble, cause I like a good trailer project but that one I saw rust holes in that “solid” frame… so I have concerns for you… and I replaced all but the frame on my car trailer for $1500, but the frame was solid and the trailer was bought for $1000 by a friend and and given to me to repair, then keep. At the time $3500 up was (and still is) the going rate for good car trailers, so it was worth it to refurbish. I fear you jumped the gun by not crawling under it before purchase.