Diagnostic software
 

I recently purchased a 07' E70 4.8i a couple of weeks ago, I was wanting to try to find a decent scan tool or diagnostic software that was capable of performing some of the features that the dealer has to keep me away from the stealership as much as possible.
Would anybody have any leads to locating what I'm looking for

eBay

What you're looking for is:

TIS - Technical Information System
WDS - Wiring Diagrams and Schematics
ETK - Electronic Parts Catalog
ETM - Electrical Troubleshooting Manual

Usually all sold together

You can also look up part numbers online here: Welcome to realoem.com |bmw parts | bmw parts catalog| bmw epc!

And there's a price comparison program here: BMW Part Number Price Comparison

Check out "BMW Coding Forum". There is plenty of information there on diagnostic and coding/programming software as well about hardware to use with it. Ebay can help you purchase hardware that you think is sufficient for your needs.