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Vanos has been rebuilt. I have had it inspected by a BMW tech and they think the ticking could be a rod bearing. I bought the car like this an planned to do an LS3 swap track car, but haven't had the time to work on it. The parts alone and wheels are probably at least 6k. If you wanted to keep the s54, it will probably need a bottom end rebuild, or you can get a used one for 3k or so depending on mileage.
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