Need advice ASAP... debating purchase of 2004 X5 4.8

[scottinca]

Folks, need some advice ASAP, thanks in advance:

I'm pressed for time and am debating buying a 2004 4.8is, fully loaded, with 58k miles on it, it's blue w/ black interior.

Carfax is clean (two owners before me), here is the service record history:
25k: oil change and inspection #1
43k: oil change and brakes

I'm not sure why there wasn't any service performed prior to 25k miles.

Asking price is $29k, this is from a dealer, but NOT a BMW dealer, so it's not CPO and there's no warranty. This dealer has had the car on the lot for three months.

I'm having it inspected tomorrow by my local BMW mechanic, but am hoping for some feedback from you, please help:

1) How much should I negotiate?
2) Any "red flags" I should look for or ask about?

THANKS!