Yah, so I found out what the problem most likely is. So i'm checking out the fuel system, cause I do have spark, weak, but spark. I notice on the driver side wheel well that someone installed an automotive fuel pump with a regulator, so what I assume happened is that the OEM fuel pump went out. NOw after working on this thing, the only way to really get to the OEM fuel pump is to pull the motor out, so I think that someone didn't want to do that much work, so they spliced in an automotive fuel pump upstream with a regulator.
Now my friend has always mentioned that someone will work on this cart and get it running, but then after a few minutes off running it hard, it dies and doesn't run anymore. Now I mentioned my friend was not mechanically inclined, so I've put the pieces of the puzzle together. So someone gets it running, but the problem is that that fuel pump even with a regulator on it is too much fuel for this small engine, and fowls the plug, floods the engine, and doesn't allow it to run properly.
After pulling the engine and taking off the OEM fuel pump, I now realize that the aftermarket fuel pump was way too big even with the regulator for this application, too much fuel. So i've get a new fuel pump on order, new fuel line, new accelerator cable, cleaned the carb and the reeds, engine has good compression, ignition module, hopefully to get a little stronger spark, and I think she'll run good. If anyone has any other suggestions please chime in.
Oh yah, electrical is a mess, so once I get it running, redoing all of the electrical.