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Get all the records you can, than set up a maintanince schedule. Call the dealers, BMWNA and previous owner.
change every fluid in the car. However, be careful when changing trany fluid- do not flush, only drain and change the filter.
I use synthetics in engine (castrol syntec 5w40), trany (mobil 1 Dexron 111) and diff (redline)
Change plugs, fuel filter, air and cabin filters. Check BMA in Glendale , CA for parts. Call Patrick. .
These cars can cost $1-2000 a year in proper maintenance.
Check belts
Suspension could be weak by now. May need to replace struts and front thrust arm/bushings. Several other suspension parts may need care.
Tires-If you keep stock wheels, I highly recommend going to 225x60x15 tires.
Make sure you have all the owner books/manuals, especially the radio code if stock radio.
The EAT ECU chip by D'Sylvia is excellent
Get a Bentley manual for all your DIY work.
Good luck
Thanks,
1995 525i Auto, M50TU 2.5L, EAT chip, 1/95 build, USA, 205/65/15 tires, ASC+T, HID, lumbar, EC Mirror, BMW Alpine 5 radio with BMW-Pioneer CD Changer, abt 236k miles, Oxford Green/Parchment