Had a similar problem on my old 528i, but I replaced the slave cylinder and could never get the air out of that low spot in the system. Phoned a BMW CCA rep and he was kind enough to share a shop trick he called "reverse bleeding". You hook up a new, clean (dedicated) oil pump can (filled with new brake fluid) and hose to your slave cylider bleeder valve. First, pump your pump can till you get fluid (no air) coming out the hose, attach hose to bleed valve and open, then start pumping new fluid from the slave cylinder up to the reservoir. This method forces out trapped air infront of the new fluid, up and out of the open reservoir. You will probably need a catch pan or an assistant to remove excess fluid as it comes up, so your garage floor doesn't get hit. I did this procedure and had rock hard brakes first time, after bleeding for an entire day the old way.