Thanks you all guys for the inputs. Need to say that this is the first forum on the internet, not just for saws, but in general, that guys are so helpful and really willing to help. I am impressed.
I do not have much time to play with the saw, as I am doing a total renovation, but had half an hour today to try re-tension the chain. So, I tried doing it without the cover, but as soon as the chain is almost tensioned without any sag on the underside, the bar comes off the tension pin.
buzz sawyer the slop/space on my pic is because the bar fell off the pin. So, I put the cover on and screw the two nuts by hand. Then I started tensioning the chain. Once the underside of it touched the bar(no sag) I moved the chain by hand and it was moving quite easily, i then turned the two screws on the sprocket cover all the way using a wrench. Then tried to move the chain again, but it wouldn't. I then unscrew the two nuts and turned the tensioning screw out a bit so the chain was moving even easier. Then screwed the nuts on the cover with the wrench again and now the chain was moving by hand, but with a bit of force. What I mean is that it needs to be pulled just a little bit stronger to move, but it does move. Now seemed to stopped in a better manner.
To be honest, I am a bit worries about doing anything with the H and L screws, as never done that before and I am not sure if I have the "ear" for that. Is it really neccessary from what you hear in the video, or it is advisory. From what
buzz sawyer says, I should first turn the H screw all the way in(clockwise) and then unscrew 1 full turn and then back by 1/4. BTW the guy who sold the chainsaw said it was recently serviced with the carb being tuned, but I am really not sure if this is true or was just a selling practice.
PS when saw is not running I noticed oil drips a bit. maybe a drop or two every now and then. As when I leave it in the storage there is a spot underneath. Is this normal?
PS2 not sure if I have mensioned this on the forum, but, there is a noise I can hear on idle, maybe not noticeable in video, but it is a rattle noise that some say it might be because of clutch problems(that is what I found before on here), but I think it comes from the sprocket. Do you think the wear in the sprocket causes it?