Water in oil

[NauticalGnome]

So needing some help here, I know where the car you got oil water mixture whatever blown head gasket would not. This thing has had a lot of work prior to us purchasing it. It has set for probably a year maybe a little less. Basically I’m just needing some pointers on where to look and how to inspect for cracks or anything like that in the manifold. It doesn’t seem like the head gasket is blown, but what I’m gonna do is drain the oil put some fresh oil in it and see what happens. I guess this thing has like a radiator type set up on it. It’s the 3.7 L MerCruiser I’ve never really used forums before so this is kind of new to me. Sorry if this all sounds jumbled and crazy. This is a 1988 Wellcraft 192 classic I’m gonna add a picture of the engine like I said there was a lot of work done to it prior to us buying it almost $3000 worth of work. So hopefully I can get point in the right direction and not be something that needs a rebuild.

[Bt Doctur]

depending on how long it sat idle,could just be condensation