Oh I forgot to mention to all of you guys the car I am looking at is a manual not a auto. That is why I am much more excited about it then if it was an auto.
94bmw I'll make sure to check the cooling components and all the suspension and steering components. Thanks for the advice on it.
Death2000, If I buy the car and the water pump isn't replaced I will just get it replaced right away. Even though from what I've heard that by this mileage it should be anyways. I don't think my car will have to put up with anything close to those temperatures. I plan on taking care of this car like its my own body. I love the E36's so it won't be hard.
Yeah when I come home for break I will probably test drive it. The only thing holding me back from buying it is waiting on her to be ready to sell.
Thanks everyone for all of the info and things to look for. I love the site and I'll make sure to keep everyone updated on my situation.