I just went thru something similar. We have a Honda GX 120 on a 150 gal sprayer. Started running ****** last year. Replaced carb, ran well for about a week. Then no start. Re checked carb, fuel lines, filter, checked for spark multiple times, low oil switch. All fine. Pulled valve covers checked valves those were fine, also this is a very low hour machine. Did a cold compression test, 60psi, that’s low. Added oil thru plug hole comp went to 120psi. Finally did a leak down test air and bubbles in crankcase. Carb and exhaust sealed. So it needs to be torn down and rebuilt. It’s now a parts engine