Compression is good considering it has a decompression device on the cam end that holds the exhaust valves open a tad for easier cranking.Possibly time for a new needle and seat or a good carb kit if fuel is still dripping from the carb. Just cleaning a carb doesn't always solve the problem.

 

I did pick up a carb kit.. I should also add it is hard cranking when the choke is pulled

Plug usually ends up wet.
Pull start seems to snap back out of my hand on occasion

I. Was starting to wonder if the decompression switchblade stuck but I'll try the carb kit first

 

Also there's the cam

 

have to see more pics but that looks rubbed...

 

Agree more pics at different angles on this cam. Is this the same machine you posted about back in April? Here's your first post on this and I assumed it was.

" So here's the story thus far:

Back in January I bought an early 04 polaris sportsman 500 HO.

It wasn't running. Price was right he said it was the cam:
Background story. He gave me the history of the quad. Previous owner work etc, thanks to face book I was able to track down the guy who happens to be friends with a friend (small world) guess it's been hot cammed ported polished. Bored, clutched 2" lift dual muzzys rad relocate.. I dygress got in touch with him and we both agree that it isn't the cam,"

Don't think I ever had any late models 500s that had cam problems,but if it is ground down,then I think I'd just get a Niche cam on ebay.Plus check the exhaust rocker arm pad for wear. Most do if a cam goes south.Polaris Sportsman 500 Camshaft 1996 2013 | eBay