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Well, the motor only has 60 hours on it (unless I mis-read above) with good compression. I'd say either get the repair manual for it if you are handy, or take it to a mechanic that has been recommended to you locally (that recommendation means a lot, cause I've used mechanics that weren't with poor, and expensive results).

You can probably repair the steering leaks yourself. Sounds like you need to replace the hose.

My personal opinion, you're into it now, fix it and get out on the water.