:welcome:
That is a pretty broad question. Is there a concern about the engine? Tell us more about the boat.
The things to inspect are pretty much the same for any I/O engine.
Outdrive - corrosion
Bellows - cracking/holes
Gear Oil - clean or milky, water present?
Engine (they are GM engines) so the 5.0 is the GM 305 V8
Exhaust manifold and elbow gasket area - are there signs of leakage around the gasket
Any leaks while running
Sea/lake test - does the engine reach it's spec'd RPM at WOT and does the boat go the speed that it should
Compression test - are all of the cylinders within an acceptable range.
Oil condition - before/after running on the lake/sea trial - clean, dark, . . . milky?

Carburetor or Fuel injected? MPI or EFI?
Engine temperature
Oil pressure
Does the engine have 'open' cooling or 'closed' cooling (Heat Exchanger)
Exhaust system leakage?
Then there is a whole bunch of stuff for the boat. There are checklists that you can reference in the 'stickies' at the top of the forums.