Oil in Exhaust on 1998 Mercury Force "Tracker" 75 HP

Its dripping out of the exhaust its light and milky

Engine is new to me.

Will post photos of it in a minute

Pull the plugs, one is probably milky just like your exhaust, then do a compression test, if the compression is down pull the cylinder head.
It sounds like it blew a head gasket.

The top one looked the worst (dirtiest / oily) and and that cylinder measured over 120 on compression test
The middle one looked the best (cleanest not oily) and measured around 120 on compression test
The bottom one looked dirty but not as bad as the top one and measured around 115 on compression test.

Saltwater motor?