Took off my prop to clean up and noticed a puddle of oil and water mix holding behind prop. What would that be?

$1200

A bad deal.

Rut Ro

Seals could be out. Did you see any fishing line ?

time to go to the shop for repairs. probably seal leaking. might as well do water pump too.

What he said

Pull your plug and see what your lower unit oil looks like. If you got water mixed with it then take it to the shop. My buddy pulled his plug just for yearly maintenance and got nothing but water. It was crazy because we had just got off the lake.

Take a flashlight and look up the exhaust past the prop seal and see if it is oily because
the motor will sometimes drain oil and gas mixture down the exhaust after the motor has
been tilted up. If not its the prop seal. The seal under the water pump needs to be tested too.

If it's just a seal that's out it's reasonable to get replaced I had to do mine last summer.

At the least drain and replace the oil till you can get it looked at

If you are fishing shallow it could be grass gator weed got mine last year prop seal

Remember on a few 2stroke engines there will be an oily/gas substance in the exhaust. If not it's a seal. When it's bad enough to let oil out, chances are its all shot and will need a good rebuild.