The water issue could be the carbon ring on your driveshaft not sealing right. Could also be loose exhaust, bad hose, something to that effect. Run it with the seat removed and look around. Could be just the bailer tubes aren't high enough. Does it rev up but feeling like its just spinning in place? That's cavitation and you'd need a pump wear ring. If you can't get full rpms, then a few things could be wrong. Let us know what you find.