Bruin only goes 5mph

2005 Yamaha Bruin 350 4×4
I bought this bike about 3 weeks ago, when I purchased it the owner said that it had a carburetor issue because he had been through some deep water recently and he figured it just got clogged up on accident. (It’s snorkeled).
I bought the bike for a good price considering it wasn’t working correctly.

Since then, I’ve done the following:

  • Replaced belt
  • Cleaned out the clutch assembly
  • Inspected wet clutch/one-way (good condition)
  • Replaced carburetor
  • Painted plastics (I enjoy painting)

Now I am stumped. The bike will rev up high in neutral, and engage the Primary clutch completely.

But, when put in gear/reverse, it acts like it’s bogging or that it’s rev limited, causing the clutch only to engage enough to push the bike around maybe 5mph.

Suspected problems:

  • Reverse-Limiter somehow working in Forward

If anyone has any advice, I know these bikes are a close to identical to grizzly/kodiaks and any help would be appreciated.
Keep in mind, previous owner claims to have replaced all interior engine parts. Piston/rings, Valves, Timing kit etc. Due to timing chain stretching and putting a valve into the piston.

Runs like a top in idle, revvs great in neutral. Just won’t move in gear.