My JD 401 B industrial came to me with water in the pan. It sat for a long time like that. I even had to replace one of the timing gears from rust. Cam had to be reground, one of the mains had a spun bearing. I got that all straightened out. That was probably 8 or more years ago, and it has been going strong since. the problem with the water in the oil, was a pin hole in one of the liners. Not sure what caused that. Ever since that I don't want that to happen again. I am very careful what goes in my radiator. That's why I use distilled water, and JD coolant. May be an over kill, but it makes me feel good. Stan