I did not pull the tank off, just removed fuel supply line and clean that thoroughly, as well as tank with carb cleaner.
Removed float bowl, cleaned few holes(not sure what are they though? ) Also, tried to clean all the dirt/debris/grime from carb and main pilot/jet, I think?
I am happy to report, I just tested it for almost 10 or so minutes with input water, as well as releasing pressure from the system. Only different thing I did was to lossen up the gas cap and it did the trick, go figure!
But most importantly, I am very very and very thankful to all of you guys, every single person who posted his valuable input.
For now, I can safely say it's fully functional and working like a charm!!!
Of course, I'll consult you guys again if I have trouble/issues.
Thanks again folks