In chemical vapor deposition experiments with pulsed spray evaporation (PSE-CVD) of liquid solutions of Ni and Co acetylacetonate in ethanol as precursors, the influence of water in the feedstock on the composition and growth kinetics of deposited Ni and Co metal films was systematically studied. Varying the water concentration in the precursor solutions, beneficial as well as detrimental effects of water on the metal film growth, strongly depending on the concentration of water and the β-diketonate in the precursor, were identified. For 2.5 mM Ni(acac)2 precursor solutions, addition of 0.5 vol% water improves growth of a metallic Ni film and reduces carbon contamination, while addition of 1.0 vol% water and more leads to significant oxidation of deposited Ni. By tuning the concentration of both, Ni(acac)2 and water in the precursor solution, the fraction of Ni metal and Ni oxide in the film or the film morphology can be adjusted. In the case of Co(acac)2, even smallest amounts of water promote complete oxidation of the deposited film. All deposited films were analyzed with respect to chemical composition quasi in situ by XPS, their morphology was evaluated after deposition by SEM.