I bought the boat about 8 weeks ago. It was ( appeared to be ) in great shape. 254 hours on working meter. No major motor parts looked to have been changed. Everything was still a faded OMC gray. I checked the oil before and after the test ride. oil was black but no signs of water. I have had the boat on the water twice. First time for abut 4 hours and it ran great. 2nd time was all day. Kids on tubes for most of the time and it ran great until the last stop about 1/2 mile for dock. After putting everything away 15-20 minutes it was hard to start and would only run below 2000 rpm's. When the key was turned I got a intermittent 2 beep alarm. Motor temp was 160 deg and water pressure was good. At home I pulled oil dip stick, no signs of water. I removed divider beside motor a there was a new oil filter. Yes I missed that. Removed it and oil was milky. Started removing oil and first 10 or so pumps was water and oil was milky also. I have no external water leaks on motor and no white smoke was noticed when it was running. ANY HELP IS APPRECIATED!