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Just be prepared to pay big $$$ for anything that goes wrong with the car. There's a reason why people complain about keeping up an older bimmer - because it's really expensive. The shops will charge you around 1.5 times what a comparable repair would cost on an American or even Japanese car. If they deny your warranty you'll be in that same boat.
Some mods won't negate your warranty. The way a warranty works is that BWM needs to prove that the mods interfered with "normal" operating conditions. If they can't they still need to honor it.
Personally I'd stay away from modded cars though. To me a modded car means it's been at the very least street raced and at the most beaten on. Never know what kind of can of worms you'll open with one of those cars.
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