Burning oil after dunking Rancher in creek

Hello. Our 2014 Rancher 420 was running fine until it got dunked in a creek. Water got in the engine, turning the oil white.
We drained the water out the muffler by lifting the machine on its tail.
Then dropped it down, tried to start it, but it was locked up. We then realized water was still in the cylinder. Spark plug removed, more water drained. Air filter removed, water drained from the air box.
We next "ran" the engine to blow water out the spark plug hole. Allowing it to dry a bit we drained the oil, then refilled it with new oil. No oil filter on hand.
After a bit of blowing more water out the spark plug hole we used starter fluid. It did start, and a short time larer it began burninf oil.
After a week of running it, hoping it might clear up, and to save money for its eventual repair, we hired a local dude to take the top end off.
The valves were crusted black. After cleaning, the valves were re-seated with valve grinding compound. New rings installed. (no new gaskets at the local store).
We put the engine back together. It started up imediately, but began to burn oil again.
What should I do?
Thank you. (I ordered a service manual)