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Before you worry about the dash lights, check the battery status. BMW's do weird things with the dash when the battery gets a bit low.
Apart from that, I don't see anything that scares me at all.
However, remember that M Cars have an average mileage of about 5,000 a year, so even if it's rebuilt to perfection it's not going to bring any sort of decent money.
In short, what the poster above me said; it better be damn near free.
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