Engine mounting holes look solid and there was plenty of sealant around the bolts. It doesn't appear that there was water intrusion in these locations. We'll know for sure when the transom is opened. If you recall, I had the mid sections of the motors done and as a result they were off the boat about 5 years ago. If I have to guess, water got in under the aluminum bang plate where the hull/liner joint resides. I'm starting to wonder if the bang plate is to protect the transom during engine install or to cover up? You can see the bang plate corroding in places. Good to see this is a phenolic bang plate today.
Not to be a Debbie Downer, but from what I understand, this isn't a problem you MAY get. It is not an IF, it is a WHEN for many of us. I saw two more boats in the yard for the same issue. Needless to say I'm pretty sad at this point as this likely is going to be expensive to rectify.