"Assuming the motor is injecte
"Assuming the motor is injected, has the coolant temperature sensor been checked yet? That would cause the fuel table to tell the ECM go lean. Time to run diagnostics and see if the ECM has an overheat stored. BTW, the overheat would be stored for ~300 key ON cycles and can't be manually erased from the ECM because it's stored in non-volatile memory. If the Merc diagnostic software is anything like what is used for outboards, it's going to show the max/min temperatures, max RPM and for how long, over-revs, etc. It's getting hard to do things and not have proof, somewhere. I'm not placing any blame but the previous owner (if there is one) may have caused this. Could be just a bad motor, too. Water in the gas won't make it go lean but a weak fuel pump/regulator/vacuum line/injector could. There are a lot of possible causes and I'm not sure taking it to a good dealer/service shop is a bad idea.
How long have you owned this boat, who does the service, what model year is it, and what else can you tell us? I don't see much info to go by."