When you pull the cover off on the 500 the string and spring will stay intact. The water that is coming in from putting it into a water hole has 4 places to come in.
1.) The handle from the pull start.
2.) The drain plug isn't sealed good enough. You have to take off the skid plate to get to it.
3.) The cover for the pull start ( side case )
4.) The starter gasket.

You need to replace the gasket for the starter. Pull off the side cover for the pull start and reseal it. Make sure the drain plug is sealed good. Make sure the pull rope handle is pushed down. If the metal ring is gone off the pull start handle then put a small hose clamp on it. When you take it all apart, leave it sit over night to dry out before you reassemble. It isn't a hard job. The hardest part is getting the pull start cover to clear the 4X4 shaft coming out of the tranny. Just take a pipe and lift up on the motor ever so gently to get the back bolt past the shaft on the 4X4.

 

o ok thanks for the info.

 

displaces water.