If it were a leaky intake manifold, that would put water right in the oil since it would leak into the cam valley, I doubt that it would put water in the cylinders
Here's what you might do
If you can remove/install the manifolds and elbows as a unit, all assembled, you can remove the ones you have and prop each one level. Then hook up a garden hose to the manifold water inlet port, and turn on the hose about half way (don't need full pressure because these systems don't or shouldn't build that much pressure). Watch the ports that mate up with the cylinder heads for any sign of water. If there is a leak in a casting or the gaskets aren't sealing you should see it. If there is nothing at all, it could be condensation.
Or, when you get your borescope, run the boat on the water, get it good and warmed up, don't idle it too much and check them like I did. I used a fitting on the top of the OMC/Volvo exhaust elbow to slide the camera in. Small fitting but camera fit in perfect.
Last thing
what temp is your engine running at? If it never warms up when idling on the water hose (temp doesn't reach the rating of the thermostat) you will for sure get some condensation in the exhaust.
You should have a 160 stat if it's an EFI engine.
I have a 160 in mine, I tried a 140 stat because of all the blah blah about salt/calcium crystallizing in a raw water cooled engine (never really happened at all, I could see that with the heads off when I did my top end overhaul) and for sure I had condensation in the exhaust! So I went back to the 160 stat I always used.
Get a straight edge, and a set of feeler gauges, and measure the flatness even on new parts!
Run a thread chaser in the threads, make sure the bolts thread all the way in.
The condensation issue is such that Merc actually came out with the warm manifolds system where the manifolds do not get cooling water flow till the stat opens, the elbows always get it. Now what system does your engine have? Cold or warm?
OMC and Volvo always had the cold manifold system where one hose feeds the manifold and elbow, so their exhaust runs cooler but can get condensation.
If you have only one hose feeding the manifold/elbow it is the cold manifold system, if you have a separate hose for each one, it is the warm manifolds most likely. If you have the cold system then condensation is a definite possibility but if you have the warm, you should not see any water in there, unless the engine never warms up.