So I picked my '03 R53 at the end of 2013 for $6k, and already have a laundry list of repairs that need to be done.

Power steering:

• Reservoir
• Reservoir Gasket
• Suction Hose
• Return Hose
• Pressure Hose Assembly

Cooling System:

• Coolant Pump
• Thermostat
• Thermostat Housing

Oil System:

• Crankshaft Seal
• Valve Cover Gasket
• Oil Pan Gasket

And finally my drivers side window regulator needs to be replaced

In addition to all that, I eventually need to figure out what's wrong with my rain sensor (wiper wipes once in the sensor position and then doesn't wipe again, I'm sure I have the sensor because the first owner [I'm the 3rd] added multiple options, among them the auto-dimming rear view and there's a little black box behind the rear view); learn how to strip and repaint my car (or a patch, there's a rust spot right above the rear license plate chrome piece); and figure out if my HID's are in need of replacing (they don't really light up the road, just the lane markers and signs)

Also on the list for fixing/replacing/modding

New euro taillights
replace my shifter boot (current one is missing it's holding ring)
eventually get a new shifter and parking brake boots
Install OEM armrest retrofit kit (car came with a hideous aftermarket armrest that just screwed into the cup holder)
Get a skid plate