If you don't go for this car, let me know and I might be interested.

Neil Deshpande
http://www.neilwerke.com

***Thanks for the inputs everyone...very helpful. I plan to look the car over more closly this coming week and take it to a local shop that's done some works on my M3 to get additional input. I'll keep you posted...I may be joining this board for advice on fixing her up, or offering up parts, you never know! Neil... if I don't buy it, I'll tell you where it is and you can go from there.

Way too good a deal, Dude. Remember, this is the most expensive engine to repair of any production BMW engine. The current owner is probably smarter than he seems. You could be out $10,000 in heartbeat!!!!