The pilot light will only stay lit when you hold the pilot reset button in, as soon as you let the button out the pilot light goes out and the actual burners never come on. Any ideas?

Sounds like you need a new thermo coupler that is the outfit that heats up to a certain temperature so the pilot can stay on.

Typically, the thermo-couple reaches a certain temperature which sends a signal to the valve body telling it to allow the pilot to stay lit. The easy answer is to replace the thermo-couple. Or, you could just replace the entire pilot assembly to ensure all the parts are new.

When the pilot lights continue holding the button down for a full minute and then release. It should stay lit then to allow you to turn it to the on position. If the pilot will not stay lit after holding it for the full minute, then the thermocouple will need to be replaced.
Hope this helps.

When you light the pilot lite you have to hold the button down until it gets the element hot enough to stay lit. If you hold down the button and lite the pilot and let it go right away it will go out. What to do is hold down the button and lite the pilot and continue to hold the buttn down for about 45 seconds to a minute then let it up very slowly and you will see if it is going to go out by the flame getting smaller as you let up on the button. If it does start to get smaller conitnue to hold it again for a few seconds and repeat the process of letting it up slowly. when the control element gets to the right temperature it will stay lit then turn your valve to "ON" and the fire will start up and continue to heat the water.

Right above your pilot light, there is a little temperature probe. It either needs to be cleaned, replaced, or adjusted closer to the top of the pilot flame. Hope this helps. Good luck!

The power pile (pilot generator) is defective. It produces a milivolt signal to ensure to keep the gas valve open. If it goes bad, the valve thinks the pilot is out, even when you are holding the button down, so when you release the button, it shuts the gas off to prevent excess gas buildup and a possible explosion.

One of the proper ways to light a gas water heater, is to turn the black knob to Pilot, put a match to the end of the pilot light, while holding the match there, push the red reset button down and hold the match & the reset button down for one full minute. Then, release the reset button and turn the black knob to On. This should keep the pilot light on.

You need to replace the Thermocouple. (pilot safety device) It would be best to call a Technician about this.

The thermocouple is bad this is the probe that sits next to the pilot,the pilot flame heats the thermocouple and then it sends a micro voltage to the valve to keep it lit.Goto hobartcorp.com and find your model then the part number.