Water out of the exhaust is not an issue, burning gas with oxygen always creates H2O. Usually just vapor but if the engine runs rich it could be water. Boging is also typical for vacuum/boost leaks. If you smell burning oil check if you hooked up your pcv hoses correctly and with clamps, that can also be a source of a vacuum/boost leak. Lastly, if you just give it gas in neutral you will not see boost created. Engine needs to be under load to create boost, so driving down the road in gear and accelerating. If you are not familiar with boost leak testing, look for a tutorial in FAQ section.
