Well guys, I have my new project. Unfortunately it's not an X5, so I don't know that I'll be able to post updates here.
I picked up a 2002 530i Sport Package from an estate sale about an hour from where I live. Overall, it's a pretty nice car, but it does have some problems. It suffers from all of the common E39 maladies, including a faulty ABS module, dead pixels in the instrument cluster and the radio display (MID), broken window regulators, and various oil leaks. It also has a very noisy rear wheel bearing.
The elderly previous owner passed away recently and the car was being sold by her family. Judging by how the car smells inside, I'm guessing the cause was lung cancer. The car reeks of cigarette smoke. I've been leaving the windows rolled down (well, the ones that WILL roll down) to try to start airing it out. I have a plan for getting rid of the smell, but I'm definitely open to suggestions if anyone has a technique that's been successful.
An interesting side note is that this is first of my project cars in a long time that actually made it to my house under its own power. I can't remember the last time I didn't have to scramble to find a trailer and tow vehicle! My wife went with me to get it and we had a nice adventure - even the part where I made a wrong turn and took us 30 minutes out of our way.
I've already pulled the ABS module out and sent it off to be rebuilt. And my buddy Chris at German Audio Tech in California gave me a great deal on repairing the cluster and MID. I shipped those off this afternoon. I wish I could fix those parts myself (I've tried), but I just don't have the touch for it. Besides, I really want to get this car turned around quickly so I can get back on the hunt for another E53. So I figured it would be best to defer to a pro on some items.
I don't normally like green cars, but this one is a somewhat unusual color that I had not seen in person before. And I kind of like it. I'm also really digging the two-tone interior. It's different from the black-over-tan or white-over-tan that I usually see. The M5 wheels are also a nice touch, although I strongly suspect that they're replicas.
Anyway, wish me luck on this project! And if anyone happens to know someone who's parting out an E39, please let me know. There are a few things that I know I'm going to need.