Mercury 225 EFI not starting

Joined
Feb 10, 2018
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Last week I ran my 2000 Mercury 225 EFI in the driveway with muffs attached. It ran great, no issues.
Launched this morning on the lake, all she would do is coiugh , never fire up completely.
I tried squeezing the primer bulb and after a couple squeezes the bulb was firm.
After fifteen minutes of cranking I loaded the boat up and brought home.
When I lowered the motor back down on the trailer., this stuff ran out with the water (see pic).
Looks like Unburned gas oil mix.

So my question is where do I start looking for problems ??
Possible fuel leak, letting air in the fuel injection system ?
No spark? How to check that?

Thanks
Dave
 
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