Too bad I can't edit the original post. Sorry for all the bits and pieces falling into place like this. Some of these I forgot to mention and some of these I'm finding out as I go along.
Check Engine Light - previous owner said that there is some insignificant sensor of some type missing. He scanned it and showed the single code to my friend but I never saw the code.
Construction/repair welds on the driver's door. Looks like there's some little rust spots painted over too and they just look like little bubbles. Fuel filler door has tiny bit of rust developing. No rust (painted over or visible) anywhere else on the car.
Power Steering hoses seem to leak. I tried filling it up and spilled fluid into engine bay and onto engine undertray.
Windshield washer reservoir cap fell onto and is presumably still sitting on undertray. When it happened, it did not fall onto the ground.
Small clearcoat scuff on top of rear bumper. Little door ding on right rear quarter panel.
Clutch sticks a bit apparently.
Left front tire outside edge is worn. Tire will need to replaced soon. Alignment may be needed too.
It's a high mileage daily driver M5 and is not perfect but I feel that the price has been adjusted adequately to compensate for the "less than perfect" portions.