So just to close the loop on this thread. Those two codes were indeed caused by a timing issue. So, doing the timing addressed the two codes and made the check engine light go away. The repair process is NOT that complicated. Some people make it out to be difficult and scary, but it isn't. You just need the process, the correct tools and patience. The car drives quite nicely. Thanks all for your help.

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2001 BMW X5 3.0i, Automatic, Gasoline