I bought an fb from someone a few weeks ago that hasn’t ran in over two years. I’m doing an oil change on it and what came out was a good amount of water and globby chunks of oil. What’s my next best plan of action from here?

 

Start researching "How to rebuild a rotary" -?

Sorry. Ill-timed humor. Water in oil pan indicates a failure, either a water-jacket seal or an actual housing.
My experience (had the same prob) was the engine needed to be pulled, then disassembled - this is more than just replacing a failed component, tho that is part of it. It means at the very least a basic rebuild. By that I mean all new seals and gaskets, presuming housings themselves are OK. You up for that?
Its doable if you are mechanically 'inclined' (as I was. NOT a mechanic.) I managed to pull it off with the help of a few special tools and some great rebuild videos - the best of which is the one Mazdatrix.com sells via DVD for $30. Or at least check out YouTube to get a sense of what it takes.

Stu A
80GS
AZ

 

This may or may not attribute to any of it but from what I know is that the motor rebuilt has about 12k on it and when I got it it had both freeze plugs blown. Would that cause any of it or would a rebuild still be the best option?

 

the front housing has freeze plugs in it, they're behind the front cover. if one of these came out, water would get into the oil pan.