water in the cylinders

Check the intake manifold gasket joints 1st before pulling the heads back off.

Yes, I checked the intake manifold gaskets before I took the heads off. They are okay. Yes, the motor spinning in the correct direction. It's an opposite rotation engine. I also checked the intake manifold itself to see if water was leaking from the water passages to the intake passages. It's okay. The head gaskets appear to be okay, too. The water seems to be coming in through the exhaust ports. What do the little holes in the exhaust ports next to the valve guides do? Tonight I'm going to disassemble the heads and fill them up with water to see if water is leaking from the water jacket to the exhaust ports.
Larry

Water in all 8 is a clue. A crack normally will affect one or two cyl but not all. To get water in all 8 I suspect it is coming in from the manifold or through the exhaust risers. Did you install a big camshaft that could cause water inversion?
Wrong head gaskets completely maybe?

Chevy350 wrote: Is it the correct starter? I don't know much but, we got the wrong starter and it sucked water through the exhaust pipes into the engine until it wouldn't crank over anymore. We pulled the spark plugs out and a ton of water came out and we cranked the rest out. Just my input, but probably not the problem.

Bingo! We have a winner! I spun the motor over and sure as, well you know what, it turned conventional rotation. Looking at the prop, the motor has to be opposite rotation. Yesterday I learned from the owner, as Paul Harvey used to say, The Rest Of The Story. I had noticed the new looking starter, but didn't think anything of it. I asked the owner this weekend, when had he installed the starter. He told me that a "mechanic buddy" of his was helping him get the boat running this spring. The motor was turning over slowly so the "buddy" suggested a new starter. Off they went to AutoZone...
Now the question remains, where can I buy a starter for an opposite rotation 302?
Larry

Sounds a lot like my problem. 302 with 351 heads. Intake manifold rust in bottom under carb. Rust in the last cylinder of each side of motor. Rust on top of valve rods and tap-it at front cylinder on each head. The stranger thing in the water mess is the Engine valley below the intake head was super clean...Like not even oil was there. Both water and gas are in the oil. I hope I even make sense.

Larry, glad you found the problem and got her fixed. Yep, common mistakes made when it comes to inboards. A lot of newbies to inboards think that Ohhhhh it's just like a car motor I'll run down to 'The Zone' to get a new starte/alternator.. Seen it happen many times here.

To answer your question...look at the diaries at 77-79 Ski Tiques to get a general idea of what she might be worth. Check out the CCF Faq thread on what to look for when inspecting an old boat. Condition of the stringers is the next important thing to look at other than the motor. Gelcoat condition is third followed by the rest. Take some pics and post them here if you can and the inspectors here will give you more feedback on "Whatcha Got"!...The more you educate yourself about these classics the more power you have to talk the guy down if you find and see stuff that is going to need repair (if at all)

Keep us informed....Welcome to CCFan!