Re: Don't know were to start
welcome to iboats!
When was the last time the motor was used, before you acquired it?
There's a lot of difference between 5 minutes and an hour - did the motor "take off and run well" for you like he said it would?
Your motor has a "capacitor discharge magneto" ignition - instead of distributor and points you have two "powerpacks", one for the starboard side & one for port.
Step 1: get over to kencook.com or marineengine.com and order yourself an original factory shop manual - it will pay for itself many times over.
Step 2: pull and inspect the spark plugs; they should be champion QL77JC4 gapped at .030 - note the appearance (color of the insulator, carbon deposits, rust, etc.)
Step 3: get yourself a compression gauge (around $20??) and check the compression on all 4 cylinders; write down the numbers & post 'em here.
Step 4: spark tester (couple bucks at auto parts store), set the gap at 1/2", look for a strong blue spark.
report your results.