Keep an close eye on the oil levels constantly for a couple of months after starting the first time.
I had the same situation when I purchased
Sabre Dance. A
Volvo MD-17C is installed, and having the same concerns I hired the local
mechanic to preside of the starting rituals. We had no idea of the state of the engine, if it had be prepped for long term
storage or anything so he was quite careful in getting it going.
The engine started great, no smoke, nothing. Found a drip at the
water pump, so he pulled the
pump and found it needed a complete
rebuild. One impeller blade gone, one folded over, and the internal
parts badly worn. That was done.
On the second start, the engine fired immediately and the entire marina disappeared in a huge cloud of thick black smoke for about 30 seconds, then it settled down to clear
exhaust, no smoke.
The problem came after running some 30 hours. All the oil in the pan ended up in the
bilge. I do mean all. I checked the dipstick right away and it was dry as a bone. I figure there was just enough left to keep it lubed before I shut it down.
I haven't pulled it apart as I am planning on replacing it with a new engine, but we figure the rear seal got dried out and wouldn't hold. Pretty sure that's where the oil all came out. Kinda hard to see under there but that's what it looks like.
Between that
oil leak, the slow development of continuous smoking from the engine and a possible cracked block because I didn't winterize it correctly, the engine is coming out and a new Beta will go in its place.