we got are 1966 homelite/bearcat to run,so we ran it for about 3 minutes and when we checked the oil level it was empty.
we had filled it up with 2 quarts of engine oil the day before.
all the new oil is in the trash can that we filled with water to run the motor in.
any ideas on where the leak would be?
It is my guess that you have a leaking bottom crank seal. There is a coupler connected to the lower unit drive shaft and crankshaft spline. If the sealing surface is grooved, then the oil will run past the oil seal and leak out or if the seal is bad, then it will leak there. It is just my guess. I am sure others will come up with some other suggestions.