Dear Rick;
I would 'rule out' the water issue for now.
First you could check the fuel pressure and volume at the carb. This is probably okay but you "need to know what it is".
If these tests are within spec then It's lilkely there's an 'internal' leak in the carb.
Then you "track that down" & see if It's "flooding" or "running out gas".
If the pressure/volume is okay then fuel may be leaking into the manifold when sitting (hot) which could be a crack or just a gasket/O-ring leak etc. A high pressure can push the float (needle) open.
Good luck.