New to the forum and like to say hello to all. I just recently purchased a 1999 Sea Ray 260 SD. It is powered by a 7.4l Merc,with only 150hrs. Fresh water boat with open cooling. Oil was crystal clear and new looking when I bought boat 2 weeks ago. Had a retired boat mechanic come inspect the boat... he was impressed with its excellent condition. We started motor in driveway and no water was coming out of drive. He stated that the sea water pump was most likely shot. I purchased a repair kit and installed it all good water is pumping. Ran motor for about 5-10 min and checked dip stick. Milky color to it and removed oil filter and very milky. I am pretty sure I got screwed and the fresh oil was to hide a previous issue. Where do I start to eliminate the issues. Mechanic suggested to start with oil cooler. Thx in advance for your input