Thank you for the diagnostics guys. It appears from checking into it further that something inside the motor is bound up. I removed the rear drive and the drive moves by itself. I fear the one time it turned over, one of the valves bent or something else bound up. Instead of replacing the motor I think we are just going to salvage what we can for it for parts for the other speed boat we have, as well as any electronics we don't have in the other one, and sell the drive off as a used one somewhere.
it's unfortunate because this one had much more horsepower than the current speedboat we have, but it is what it is. Luckily we only had $100 into it, and we could technically just say we spent $100 more than the guy was asking for for the pontoon so no hard feelings.