dead_lemons

I just bought a 1976 240D for 350$. The guy said the injection pump had been rebuilt but that it needed to be timed. The car will start after about 15 seconds of cranking, but after it starts it will die within 4 seconds. Is it the pump timing or something else? Also I checked the air filter and it has lots of nasty cream colored oil in the bottom of the filter housing. I have no idea what it is from. Does any one have any ideas?

ANY HELP WOULD BE APPRECIATED!!!

THANKS!!

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87 300E
76 240D