plumbous blimp
+1y
looks like you've got a bad case of engine sludge, you have been using Castrol Syntec now haven't you?
Joking
The black crap on top of the head is sludge, and as long as there is now metallic flakes in it, your fine. It is caused by the engine getting too hot, having old oil sitting in the engine too long, using poor quality oil, or excessive engine blow by. If you still know the guy you bought it from, ask him if he remembers if it consumed oil while running.
If you actually, "dont know shit about motors," you may want to take the engine to a machine shop and get them to fix it up.
Depending on the mileage, you may want to bore the cylinders, put in some oversized pistons and rings, check the crank for wear (and put in new bearings), replace the valve seals, check the valves, and replace all the gaskets.
If you need an overhaul, prepare yourself for a steep bill
If you do a total engine overhaul, don't forget to break the engine in properly.
Best of luck