Re: 3.0 under water
I don't buy the "rain" theory. How well do you know the seller. Call em up and ask for the truth and nothing but the truth. I hope I'm wrong but it seems as if someone tired to dump their problem on you. That's a lot of water from a rainstorm. I suspect blown head gasket, cooling system, riser type of problem. Provided the water did not rust the motor from the inside out you should be okay, once you get this leak fixed. It did run afterall and seemingly ran well.
I have an 1988 Bayliner. After you figure out what's up with the motor, we need to talk about water intrusion in the hull, foam etc. With enough water to fill the boat, chances are you have water in places it shouldn't be. This means lots of extra weight and rot, rot, rot.
Welcome to iboats and boating. Sorry, things have started out so rough. I know all about it, used the boat twice so far, owned it almost a year. In the midst of a complete tear out and rebuild of floor and transom, thankfully my motor seems to be in good shape. This forum should prove to be quite valuable. Good luck!