smokes

I have a 2001 Challenger 1800 with a two stroke Mercury 240 EFI M2 Jetdrive (Powerhead) V6 motor. Serial number 0E383172. I just bought the boat a couple of weeks ago and I am a first time boat owner. The person I bought it from started it in his back yard and cut it off after a few seconds to...

Fires Right up, Runs at about 1100 rpm on trailer and 900 in water, replaced ignition coils, plugs, cleaned raves, compression was at 135 i think, i don't remember the exact numbers but they were fine, Smokes out the back a lot, Cleaned carbs, rebuilt jet pump, new impeller. i'm to the point...

Ok, last weekend I was out cruising on the lake. I wasn't doing anything stupid. Just cruising at 35 mph when out of no where my ski just bogged down and wouldn't go above 10 mph at full throttle. I drove it to shore and got it towed back. Its here in my garage and when you start it, there is...