<VV> water in oil pan

[lloyd biggerstaff]

I just purchased a supposedly rebuit engine.After getting it home and dropping the oil pan, I found water at the bottom of  the pan.The engine spins freely and from the looks of the block, it did have work done on it.I was told that it had been sitting since being rebuilt and had not been ran.I am assuming water must have gone down the carb. Should I take it back or can I still use it,and if so, is there anything I should look for before installing it?

		
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