Usually this condition is a exhaust problem or head gasket. If you are running
thru transom exhaust, the first thing to do is inspect the exhaust tip flappers.
If these are old and stiff or burnt, they will let in water from out side the boat. If the flappers are ok, you may have a leak inside of the exhaust logs.
The only way to find out is to take off the manifolds and disassemble and
pressure check with water. I have had all three problems at sometime.
Good luck.
Nice and Easy