Maybe we should tar the whole thing!
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Nah, tar would drip and be very smelly
The correct answer has already been given, that is; seal the wood, especially the edges and end grain.
I use inexpensive oil based paint, thinned for the first couple of coats for penetration.
I've also used varnish.
Though I'm not a big fan, latex paint will work too.
Expensive, or inexpensive, in this case, does not determine the quality.
A $5.00 can of mistint paint will seal as well as a high dollar product.
The biggest reason for failure of the "waterproofing" is that "most" people waterproof the parts they can see/are easy to get to.
If you attach two pieces together, then seal/paint, it is not "all" sealed.
Others get all of it, but don't apply enough coats.
One or two probably isn't enough.
4-6 probably is.
When someone thinks of protecting the wood under/behind an aluminum sheet, they generally think, anything is better than nothing...
And it is, but plugging three holes in your boat won't keep it from sinking if there are 50 holes...
If a person chooses to "seal" wood, then it must be 100% sealed, as in encapsulated.
A piece of wood properly sealed can be put underwater, and not absorb 1 drop of water.
When we think about "water getting behind the aluminum, we think of a few drops running down the side, but in reality, it is many, many drops that do not run, but search for any opening to soak in, and continue to soak in.
If you "see" damage, much more damage than you can see has occurred.
There is one other very important step to take in sealing and waterproofing, and that is sealing penetrations.
Lets say you've sealed the sides and roof perfectly, achieving complete encapsulation.
What is the next thing you're going to do?
You're going to install the aluminum roof and siding, then put a whole lot of holes through the carefully installed seal on the wood when you install the trim, doors, windows, roof vent, etc.
It can't be helped, you have to make holes.
It is easily corrected though, by installing all your screws, then removing them a few at a time, injecting sealer into the holes, and reinstalling the screws.
Sealing a trailer so it won't leak takes a little longer than just throwing one together and hoping, but the effort will keep you smiling year after leak free year.
Rob