Hello i am new to this and wanting some input.

This is what i dumped out of waterpump
Just picked up this 700 as project and needing help. Water pump was leaking took it off and it looks to be oil in coolant/waterpump. Does this mean bad head gasket? Thanks for replies in advance

 

Don't know that model. In theory there should be a passageway with an external drain hole, between water pump and crankcase, so oil can't leak into water, or water into oil, via the drive spindle, but check that first seeing as water pump has been leaking. On most ATVs the only other place where water and oil can mix is the head gasket. Cracks in head or cylinder are other possibilities but not too likely.