I/O engines can leak water when they run, when they are tilted up, and of course, when they just sit. It would be helpful to know if she leaks under any of those conditions.
A good plan of attack would be to launch the boat, motor out for a few minutes and then turn the motor off and monitor the water in the bilge. If no water accumulates, then the hull is probably not leaking. Run the live wells, washdowns or whatever you have.
Now trim the motor up and monitor the bilge, some more. If no water then, the bellows are probably not leaking.
Now trim the motor down, start it up and troll while watching the bilge. Check the joints between the riser and exhaust manifold, check the circulating pump weep hole, check the power steering cooler (if you have one) and the raw water intake hose. Finally check the other hoses to the thermostat housing and manifold and riser.
Finally, on an aluminum boat, especially one that has a riveted hull, stress on the hull from cruising can slightly open a seam, allowing water in.