Pw50 leaks gas

If no DTC's are recorded, then it is most likely to be a fuel problem. You need to check the fuel pressure with engine running and this requires specialized test equipment. You need a gauge that can connect into the fuel line. Running pressure should be around 55 - 60 PSI. If the bike starts and runs ok for a minute, it is not bad gas. Bad gas is just that, bad gas. It will not burn correctly and the first thing noticed is hard starting. I assume the bike is fuel injection. If it has a carburetor then I would be checking the fuel flow as this symptom sounds like carb is running out of fuel. Dirty gas, fuel with debris in it. The petcock will be vacuum operated and if it has a leak, (on carb models), fuel flow will be affected. Also, the tank vent if blocked will affect fuel flow. Remove the fuel line from the carb, put end into a fuel safe container to stop fuel pouring all over the place generating a fire hazard, apply suction to the vacuum pipe on the rear of the petcock and you should have a good fuel flow. If you don't, then the fuel filter inside the tank on the petcock is blocked or the vacuum part of the petcock is faulty.

It's probably dirt in the carbs and the steam is the un burnt fuel from a stuck needle valve in the carb

I think sent your moto to a service provider ! that can help you don't perform repair yourself you may damage some parts in it .

could be you spark plugs need replacing

Could be you have air leaks in the intake manifold connections causing a lean burn situation, which can cause loud noises from the exhaust, fireing back through the carb/injectors, and the pipe and engine to get extremely ho
with engine running, spray carb cleaner over and around the intake connections. If you hear the engine change tone or smooth out in it's running, you have found the leak. Fix the leak and the other problems could go away. If the bike has been setting for a length of time, your jets and passages could be gummed and needing a cleaning. If there is a possibility of gummed jets, pour 1/4 to 1/2 can of SeaFoam into the gas tank, lock down the front brake and rock the bike back and forth to mix the gas and SeaFoam. Start the bike and run at a high idle for a few minutes. Shut it down and let it cool, then do it again. If it is gummed or dirty jets, they should start to clean up shortly.

You need to take the carburetors off the machine and open them up. Pull the jets out, make sure they are clear and you can see through them. Squirt carburetor cleaner through the passageways in the carburetor body and blow the passageways out. That is where the carburetor dirt is hiding. Use genuine Honda carburetor cleaner . Gumout is too harsh for Keihin carbs. If you want to try to clean the carburetors without disassembly buy some Chevron Techron and pour it directly into the bowls. Let it sit over night. Drain your gas tank and follow the directions on the bottle to mix 1 gallon of gasoline in a shock treatment. Pour the shock treatment in the tank , start the bike, slowly take the choke off, and run it till it idles on it's own (usually 5-10 minutes). Be careful not to let the pipes get too hot or they may blue. Then take it for a 5-10 mile drive and fill the gas tank. If the carburetors are not too bad this should clean them up. Other wise you will have to take them apart to clean them properly.

DRAIN CARBS FROM PETCOCK AT BOTTOM OF EACH CARB MAKE SURE FUEL DRAINS COMPLETELY THEN TURN FUEL BACK ON, IF THIS IS AN INJECTED MODEL DRAIN TANK AND FLUSH THEN RUN IT HARD FOR 20 MILES OR SO, MAKE SURE YOUR OIL LEVEL IS OK

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sounds like it take bottom of carb off and see if needle is stuck

Here are two solutions for you:
A - Take the carberator off and soak it in some good quality carb cleaner for about 1/2 an hour.  That should take care of any residue in the carbs.
B - Alternatively (and for the less technical minded) there is a great product called Sea Foam.  Try to find it at your local CSK auto/NAPA/Wal-Mart.  Pour a small amount (maybe 1/4 ounce) into each cylinder chamber (take out the spark plugs), try to pour a small amount into the carbs (a turkey baster works great for this), and pour the rest into the gas tank.  Let it sit for 5-10 minutes, then start it up.  *NOTE - the bike will start VERY hard at first until it burns through what's in the cylinders.  ALSO the fumes will be EXTREMELY strong and suffocating - make sure you do this OUTDOORS preferably, or at least in a VERY well ventilated area.
Good luck - I know how frustrating these things can be! :)
P.S. - I am a proud owner of a V-Star 1300 - great bikes! :)

Theres fuel starvation, the carbs are not getting required fuel in other words the float chambers doesnt get the correct amount of fuel .
Check the fuel flow from the petcock to the carburators.
Check the float pin and adjust accordingly to get the right level inthe float chamber of each carburator.
Hope this helps!