I picked up a 2002 Honda 400ex recently for a good price. The guy was upfront and said it burned oil you could smell oil when you fired it up however the smoke from the exhaust was white. Anywho further inspection found the spark plug loose and coated with oil and carbon. Threw a new plug in ran some sea foam smoked like hell for a bit then I rechecked plug. Plug was wet with some carbon. I took the end cap of muffler it exhaust was filled with im assuming water and carbon mixture. Question is could this be the smoking issue or is bad rings more common any suggestions would be awesome thanks

 

Rings or valves.

 

yeah it could be the valve seals sounds like that to me.