Thanks for the tip. Does this sound like valve issue to you? With the back firing and white smoke?
IT really sounds like a timing issue to me
My original thoughts was the flywheel is not locked to the crankshaft so is slipping & sliding back & forth .
Some times you need to lap the flywheel in with fine grinding paste to get it to lock onto the taper.
Backfiring out the exhaust :-
Spark too late
Inconsistant sparking so unburned fuel fills muffler
Too rich a fuel mixture
Exhaust valve not fully closing ,
Backfiring through carb
Overheating ( not likely here )
Mixture too lean
Spark too early
inlet valve not fully closing .
So my initial thoughts were
1) loose flywheel
2) timed on the wrong stroke
3) valve lash set wrong ( bottom of the stroke not top of the stroke )
Note, top is nearest the spark plug , a bit confusing on vertical shaft engines .
BEcause you are new t all of this the easiest way to check the valves are closed when they should be is the see if you can turn the pushrods between your fingers
As you used the IOEC method of setting valve lash I would bet you have the lash set wrong so the valves are out of time which is why I suggested the tape
What I forgot to mention was to use 3 different coloured pens so you can clearly identify what is happening
When you tape the tape off you colour in the sections between each valve opening & closing .
Because it is a 4 stroke, you need to either divide the tape into upper & lower sections or do it twice with 2 pieces of tape .
I am fairly sure you have set the valve lash wrong & will find the valves open when they should be closed