Water in 2 of 3 cylinders

I have a 1992 Yamaha 85hp TLRQ outboard. I have water in the middle and bottom cylinders. More in the bottom than the middle. Top cylinder looks good and appears to be clean, seems to be firing ok. I replaced the head gasket and head cover gasket and did find water in those 2 areas. Replaced per mfg specs via service manual. Original head gasket looked good to me, no blow by. Started it up, same problem. It idles fine before and after gasket replacement. Under load it bogs when you try and throttle up. But idles like a champ. Water in the bottom plug has a milk shake look to it. I'm good with motors but outboards are fairly new for me. Can you help me out, where is that water coming from????

Update: I replaced the exhaust gaskets and put on a new inner exhaust cover. The gasket looked bad when I took off the inner cover. There was a tear near the bottom of the gasket and a water line where it looked like it was getting in. After I replaced all that it appears to have fixed it. Had to run it at idle for a while to clear out any moisture but it looks good now. Hope this helps someone else out. Many thanks to jeoreeves for helping me out.