NO AMOUNT OF WATER IS ACCEPTABLE!!!
White or foamy oil is water.
If the first thing that comes out is water or white/tan/brown oil.
Then good oil follows? that shows the drain plug is probably the culprit?
I had 4 different 88/85 Forces. All 4 weeped around the drain plug.
Almost everything I did or used let the water in.
I found a screw that had a flat head and put an o-ring on it and that
didn't leak.
To the other posters: a little bit of oil is not ok.
Say a shaft seal was letting a "little" bit of water in? the oil gets changed then that seal decides to die completely and you go boating for a couple days and the lower implodes.

No water.