So I became a member of this forum a few years ago when I bought a R53 for $500 with a #1 rod bearing that was toasted. I put $4500 into rebuilding the engine and fixing a lot of the minor stuff that was wrong throughout the car. I still have "Sprout" and he is my weekend car for just sporting around, not one single issue. The car is going to be my daughter's high school car so I thought I would find another Mini to play with. Well, I found a 2011 R56 with the N18 motor. The PO said the water pump failed and it over heated and locked up. I went to see the car and found that the engine does turn over but there is very little compression. The PO said that there is oil in the cylinders (blow by?) and that he had a mechanic look at it. The mechanic told him that the piston rings are toast. The car is in really good shape cosmetically, the interior is spotless, it has 81,000 miles on it. It has 18" aftermarket wheels,new tires, Invidia cat back exhaust, new clutch, custom intake, Xenon lights and and aftermarket stereo. He wants $2500 for it and I figure for another $2500 I get the motor redone and I'll have a cool little weekend car again!

Thoughts? What other issues should I look for?

Thanks in advance.