MacBook Air Liquid Damage, But No Shorts to Find - LFC

This Apple MacBook Air has old liquid damage that's finally caught up with it. But all the power rails look fine - so how do we diagnose its power on sequence to see where it's getting stuck?
FlexBV by Paul Daniels can be purchased here - this is not an affiliate link, however my licence was provided for free. The resources I used can be obtained for free, but this video is a great demo on how FlexBV makes diagnostics faster and easier.
pldaniels.com/flexbv/
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Chapters:
00:00 - Intro & Assessment
05:15 - Disassembly & Ultra Sonic Clean
13:25 - Checking S5, S4 Rails
20:02 - Checking PM_SLP_S4_L
26:12 - PM_RSMRST_L & U8130
32:05 - Replacing U8130
39:10 - Conclusion