i_love_cars

Getting the interior cleaned up a little bit. Shampooed the carpets and have some new floor mats coming in addition to a factory parking brake handle to get rid of the M handle thingy. 

1/8/2019 Update - I am changing the status of this to "on hold". The donor car is being parted out this week but I am holding on to the engine, ECU, CAS module, EWS module, etc. basically all the bits needed for the swap. It may be a year or two before I do it, or I may end up selling the engine for cash at some point down the road, but for now I think it makes sense to just keep the stuff I need for the swap since I can break even on the donor car purchase simply by parting out everything else. The transmission has already been sold for 2800 which is nearly half of what I paid for the car. Unfortunately my house needs new windows and a couple doors and I have stupid fancy windows that is going to cost me at least $45k to replace everything. My hope is that by sometime in 2020 I can re-consider this swap project and pick it up again. 
I am still preparing for the swap by putting a 4.10 2-clutch diff in the E46 this spring since it needs a new diff anyway. This is the diff that we would be using when swapping the S85 in, and it makes sense anyway since BMW M-differentials suck horribly due to their locking being based on hydro upon slippage during a turn as opposed to any sort of pre-emptive locking like a proper LSD from diffsOnline will do. 
 
12/17/2018 Update - I am canning this project and parting out the donor car for profit. I originally had a top-end budget of gross cost of 30k including the donor car. I have talked to some other shops who have done this swap multiple times with full OBD2 compliance, a/c, etc. like I was planning and there are some budget items that are just wrong on the estimate. Realistic gross cost should be factored at about 40k and even that may be a bit light. Our original cost estimates were based off of Epic's swaps, but that doesn't really factor in that Epic builds race cars that don't need to be emissions compliant, nor do they need to worry about stuff like ground clearance. I learned that without modifying the frame rails, the oil pan on the s85 will sit too close to the ground for a street car, so you need to do some fabrication work to modify the frame rails accordingly. I have also learned that whether it's using the E60 ECu or the Awron standalone, both are a nightmare to wire. We were under the impression that the E60 ECU would be a lot more straightforward, but I'm hearing otherwise from reputable sources. 
So I am going to use the profits of the partout to pay for an upgraded LSD (my current diff is in really bad shape), and cover the cost of my BBK. 
 
12/15/2018 Update - The bottom of this post is updated and will continue to be updated with full list of budget items for the build
 
I already have an E46 thread but this feels like it's going to be worth a separate post. I want a dedicated thread where I can post information about the swap as it happens and document everything. 
I've been talking about a swap with E-fab Motorsports for a couple months now, knowing that a V10 in an E46 would be a dream to park next to my S65. Research has been done, and other shops who have done these swaps have been contacted for information. We know what the budget should be, and I'll be working with E-fab such that this car can hopefully be used to help promote Eric's business in the Chicago area and potentially beyond. He's done a lot of good work for me this past year and we've developed a good relationship, he's able to fabricate and has a great wiring tech so I feel like this is a sound partnership for the swap. 
What is the goal? This will be a complete swap with fully functioning amenities - A/C, heat, power windows, push button start, etc. Nothing is going to be haggard or half-assed. The custom exhaust will even be valved with an in-cabin F-you button to activate/deactivate. The swap is not done with a standalone ECU/programming. The car will use the stock E60 M5 ECU, flashed by Epic and wired in to the E46 harness and dash cluster. 
Some key points of consideration:
1) stock e46 M3 steering rack can be used with an S85 from this 2008 donor because by 2008 BMW had moved the CAS module out of the M5 steering column. This is enormously helpful because it allows the swap to go on without any suspension modification or steering modification 
2) The engine fits with no modification required to the oil pan, and stock S85 headers also fit although it is tight. 
3) Fabrication requirements are limited mainly to custom engine mount brackets, some subframe modification, and making a driveshaft/shifter assembly. A couple odds and ends need to also be fabricated like custom power steering lines which is about 400 bucks, and some custom coolant hard lines to the block
4) A 6MT from an E9x M3 can be used in this swap as it bolts right up to the S85 block
Most of this basic info has been procured from Epic who has done a couple of these swaps, and they also provide a flash tune for the ECU for this swap
Now, on to the real exciting news - Steve at Blunt Tech posted a 2008 M5 on R3V a few days ago with only 33k miles on it, totaled due to side impact (see photos). He sent a video of the car starting right up and mechanically it is all good. Other than being an SMG, it's a perfect donor. It was only $7k which I am sure I can recoup most of by selling the Dinan exhaust, rear end, low mileage SMG, suspension, wheels, and probably the currently ruined interior to a tracksuit-wearing russian with a 530i (E-fab made up the part about the russian but I'm taking credit anyway).
The car has been acquired as of now. Sometime over the next month I'll likely be down there in the shop helping Eric part out the shit I want to sell. The actual swap work will likely begin in January/February and hopefully be done by April. 
Before anyone asks the inevitable question of "what are you gonna do with your S54 engine/trans/harness?" - I don't know for sure yet, but the current ideas are this:
1) Eric at Efab needs an engine for his E36 so we may be working out a deal for the labor on this swap by giving him my S54 parts so he can build his E36
2) Buy an E30, do an S54 swap and rejoin the cool kid E30 crew so I don't feel out of place when rolling with TJ, or more than likely flip it on BaT for double my money and make a $10k profit which would make my entire S85 swap....basically free lol
3) Sell it as a swap kit to a person in need who I don't deem to be a shitfuck. 
For posterity, I have to post 1 pic of the E46 as it currently is. Pics of the M5 donor are below:

 

 
I have talked with Efab at length and we've gathered cost information from several parts providers for everything that needs to be customized at this point - things like the radiator, ac lines, oil cooler/lines, etc. which all are going to have to be custom built. This list is not exhaustive and will be updated over time - it includes what we feel is 98% of the necessary parts for the build currently. 
It is worth noting that this does not include labor costs for things like R&R the engine between the S85/E46, or labor to part out the S85, or installing the additional parts on the E46 like the new diff, trans/clutch, etc. Most of that is being given to me for free by Efab since the expectation is that promotion from this build will likely net them some new deep-pocketed customers in the future.
PRICING / PARTS BREAKDOWN:
 
 
 
 

Not a bad price but not a very desirable car on the whole. Melbourne is a low production color, and 6mt is nice, but what kills this car is beige interior and lack of CF roof which for many people wanting a E92 with a stick, is important to have the CF roof. What's ridiculous is that they actually paid to option out of it because the CF roof was standard equipment on the E92 M3. Lastly being a pre-LCI is kinda meh. 
But for someone who wants a low mileage V8 M3, it is definitely not a bad price at all.

1) Definitely E46. I mean sure if an S65 lasts to 200k great, but I wouldn't put money on those odds. I'm fully expecting to replace an engine in my E92. I'm ok with that, but for sure if the question is about "not hesitating to own to 200k" then e46 is the newest I would have faith in. I don't see many people getting to 200k on N5x platforms either. Talk to any shop like a Kummrow that does a lot of bmw stuff and they will tell you the most common engine failures they see right now are N5x and that is largely because we are at the 10 year mark where mileage starts to matter and it's harder for these cars that typically have the shit kicked out of them with turbskis to last for 200k. 
2.) In some ways it is way easier because of the internet. You have YouTard videos and forums galore for not only information on what you care about but in general you can find content on basically any vehicle out there, at any level of modification or rarity. The flip side is that in terms of community, you have the rise of WCEC which seems that for every non-shitfuck there are 20 actual shitfucks. Also there are too many people doing video content that don't know what they are talking about. There is plenty of misinformation out there and unfortunately this is a downside - people who want valid info have to be really aware to sort out the bad advice or wrong technical data. 
3.) My jimmies are very rustled because I don't believe that driving should be a clinical experience. This is why I don't like vehicles like the GT-R. Unfortunately the electrification of cars and reduction of moving parts gets driving on the path of appliance instead of experience or skill. From a daily commute standpoint, I get it, and if there were still a segment still producing IC engines I would be ok. What sucks in my mind is that all manufacturers will eventually be producing exclusively electrics. I love older cars too but I also don't want to drive the same car for 40 years trying to keep it going just to hang on to an IC vehicle. For enthusiasts and racing applications it's going to suck because all a performance car will be is "faster than the other electric cars" but not offer any difference in experience. In my opinion regulations are driving things towards too much normalization and will only incense competition between manufacturers for the wrong priorities to a driving enthusiast. 
4) Autonomous cars are not a concern. Not only do you have the fact that in very recent time, autonomous tests in public have resulted in bad crashes, but critical things like ability to drive in rain/snow hasn't been addressed yet. There is a laundry list of things that make autonomous cars a pipe dream for those thinking it will be a utopia of no one ever driving on the road. This is decades away at best from being any sort of norm. 
5) Cars are absolutely expensive. Dan isn't wrong about people's sense of entitlement, but I don't think people should have to be forced to drive a 20 year old vehicle. That's a little extreme. Credit and stretching payments over 84 months and beyond is a problem, regulations impose costs on car development and production that sends prices up, and numerous other factors play into costs of cars but bottom line is a new Civic (non Type-R) can easily break 30k which is insanity. Look at it this way - in 2007 I bought a brand new loaded Civic for 17k. In 2018 11 years later that same car is 30k. But if we go backwards in time to 1994 when my parents bought a Corolla for 13k, not only is that a longer timespan at 13 years prior compared to 11 years later, but the cost for an econobox car rose basically a few thousand dollars between 1994 and 2007, yet it basically fucking doubled between 2007 and 2018. It's fucking stupid how much cars cost now. This isn't helping the used market either. It just drives demand up for cheaper used cars which pushes the price up of those used cars due to simple economics. 

I fear that in general these tech advancements are basically the end of the DIYer as we know it. When I look at the S4 under the hood, or when I pulled the wheels off to put my winter setup on and I took one look at the suspension and barfed, all I can think of is "dear god how would i ever work on this?" - the complexity involved in removing stuff for replacement on newer cars is becoming absurd. Combined with the amount of electronics to deal with that are all intertwined, it scares the shit out of me in terms of maintenance costs. 10 years from now, a new car will be completely foreign to me I think. As cars move further and further towards being 100% appliance as opposed to "driver engagement required" products, more and more will become internalized and black-boxed. The tech is impressive and I love my S4 - honestly it is so much fun to bomb around in that I don't even care that it's autotragic. But I still wouldn't want to touch the thing outside of warranty. 
The F30 is trash to me and I also know people with them who have had engines grenade below 60k. IMO it's a reflection of why BMW has lost me as a customer for anything new and why I am currently in an Audi. There's way too much bad shit being posted about F30s online for such a highly mass-produced bread and butter car. I get S65 and S85s blowing up with rod bearings 10 years ago because M cars are performance oriented which carries some risks, and are lower production. A basic beta bitch 328 that they produced hundreds of thousands of should not be so unreliable and it goes to show how badly the bean counters have taken over. 

I fear that in general these tech advancements are basically the end of the DIYer as we know it. When I look at the S4 under the hood, or when I pulled the wheels off to put my winter setup on and I took one look at the suspension and barfed, all I can think of is "dear god how would i ever work on this?" - the complexity involved in removing stuff for replacement on newer cars is becoming absurd. Combined with the amount of electronics to deal with that are all intertwined, it scares the shit out of me in terms of maintenance costs. 10 years from now, a new car will be completely foreign to me I think. As cars move further and further towards being 100% appliance as opposed to "driver engagement required" products, more and more will become internalized and black-boxed. The tech is impressive and I love my S4 - honestly it is so much fun to bomb around in that I don't even care that it's autotragic. But I still wouldn't want to touch the thing outside of warranty. 
The F30 is trash to me and I also know people with them who have had engines grenade below 60k. IMO it's a reflection of why BMW has lost me as a customer for anything new and why I am currently in an Audi. There's way too much bad shit being posted about F30s online for such a highly mass-produced bread and butter car. I get S65 and S85s blowing up with rod bearings 10 years ago because M cars are performance oriented which carries some risks, and are lower production. A basic beta bitch 328 that they produced hundreds of thousands of should not be so unreliable and it goes to show how badly the bean counters have taken over. 

holy shit balls mother of god. IMHO, this is the pinnacle of a daily driver.  love that he stuck an s54 on an iX drivetrain
https://denver.craigslist.org/ctd/d/2001-bmw-e46-m3-s54-swapped/6758146934.html
 

don't even get me started. BimmerWorld was 21% off BBKs so I got stoptechs for the E46, plus 25% off Epic tunes which I need for my swap so I've frontloaded that as well

don't even get me started. BimmerWorld was 21% off BBKs so I got stoptechs for the E46, plus 25% off Epic tunes which I need for my swap so I've frontloaded that as well

I hate this. I full on spent wayyy to much because of this damn holiday.

Picked up a really clean E9x 6MT just now on ebay. 56k miles on it at $1800 shipped is maybe 100-200 bucks overpriced but it obviously includes the knick knacks like shift linkage, etc. as opposed to being just a bare transmission. May need to end up fabricating a custom shift linkage anyway but I'd rather have the stock parts with the transmission if I can, so this makes sense I think. 

1/8/2019 Update - I am changing the status of this to "on hold". The donor car is being parted out this week but I am holding on to the engine, ECU, CAS module, EWS module, etc. basically all the bits needed for the swap. It may be a year or two before I do it, or I may end up selling the engine for cash at some point down the road, but for now I think it makes sense to just keep the stuff I need for the swap since I can break even on the donor car purchase simply by parting out everything else. The transmission has already been sold for 2800 which is nearly half of what I paid for the car. Unfortunately my house needs new windows and a couple doors and I have stupid fancy windows that is going to cost me at least $45k to replace everything. My hope is that by sometime in 2020 I can re-consider this swap project and pick it up again. 
I am still preparing for the swap by putting a 4.10 2-clutch diff in the E46 this spring since it needs a new diff anyway. This is the diff that we would be using when swapping the S85 in, and it makes sense anyway since BMW M-differentials suck horribly due to their locking being based on hydro upon slippage during a turn as opposed to any sort of pre-emptive locking like a proper LSD from diffsOnline will do. 
 
12/17/2018 Update - I am canning this project and parting out the donor car for profit. I originally had a top-end budget of gross cost of 30k including the donor car. I have talked to some other shops who have done this swap multiple times with full OBD2 compliance, a/c, etc. like I was planning and there are some budget items that are just wrong on the estimate. Realistic gross cost should be factored at about 40k and even that may be a bit light. Our original cost estimates were based off of Epic's swaps, but that doesn't really factor in that Epic builds race cars that don't need to be emissions compliant, nor do they need to worry about stuff like ground clearance. I learned that without modifying the frame rails, the oil pan on the s85 will sit too close to the ground for a street car, so you need to do some fabrication work to modify the frame rails accordingly. I have also learned that whether it's using the E60 ECu or the Awron standalone, both are a nightmare to wire. We were under the impression that the E60 ECU would be a lot more straightforward, but I'm hearing otherwise from reputable sources. 
So I am going to use the profits of the partout to pay for an upgraded LSD (my current diff is in really bad shape), and cover the cost of my BBK. 
 
12/15/2018 Update - The bottom of this post is updated and will continue to be updated with full list of budget items for the build
 
I already have an E46 thread but this feels like it's going to be worth a separate post. I want a dedicated thread where I can post information about the swap as it happens and document everything. 
I've been talking about a swap with E-fab Motorsports for a couple months now, knowing that a V10 in an E46 would be a dream to park next to my S65. Research has been done, and other shops who have done these swaps have been contacted for information. We know what the budget should be, and I'll be working with E-fab such that this car can hopefully be used to help promote Eric's business in the Chicago area and potentially beyond. He's done a lot of good work for me this past year and we've developed a good relationship, he's able to fabricate and has a great wiring tech so I feel like this is a sound partnership for the swap. 
What is the goal? This will be a complete swap with fully functioning amenities - A/C, heat, power windows, push button start, etc. Nothing is going to be haggard or half-assed. The custom exhaust will even be valved with an in-cabin F-you button to activate/deactivate. The swap is not done with a standalone ECU/programming. The car will use the stock E60 M5 ECU, flashed by Epic and wired in to the E46 harness and dash cluster. 
Some key points of consideration:
1) stock e46 M3 steering rack can be used with an S85 from this 2008 donor because by 2008 BMW had moved the CAS module out of the M5 steering column. This is enormously helpful because it allows the swap to go on without any suspension modification or steering modification 
2) The engine fits with no modification required to the oil pan, and stock S85 headers also fit although it is tight. 
3) Fabrication requirements are limited mainly to custom engine mount brackets, some subframe modification, and making a driveshaft/shifter assembly. A couple odds and ends need to also be fabricated like custom power steering lines which is about 400 bucks, and some custom coolant hard lines to the block
4) A 6MT from an E9x M3 can be used in this swap as it bolts right up to the S85 block
Most of this basic info has been procured from Epic who has done a couple of these swaps, and they also provide a flash tune for the ECU for this swap
Now, on to the real exciting news - Steve at Blunt Tech posted a 2008 M5 on R3V a few days ago with only 33k miles on it, totaled due to side impact (see photos). He sent a video of the car starting right up and mechanically it is all good. Other than being an SMG, it's a perfect donor. It was only $7k which I am sure I can recoup most of by selling the Dinan exhaust, rear end, low mileage SMG, suspension, wheels, and probably the currently ruined interior to a tracksuit-wearing russian with a 530i (E-fab made up the part about the russian but I'm taking credit anyway).
The car has been acquired as of now. Sometime over the next month I'll likely be down there in the shop helping Eric part out the shit I want to sell. The actual swap work will likely begin in January/February and hopefully be done by April. 
Before anyone asks the inevitable question of "what are you gonna do with your S54 engine/trans/harness?" - I don't know for sure yet, but the current ideas are this:
1) Eric at Efab needs an engine for his E36 so we may be working out a deal for the labor on this swap by giving him my S54 parts so he can build his E36
2) Buy an E30, do an S54 swap and rejoin the cool kid E30 crew so I don't feel out of place when rolling with TJ, or more than likely flip it on BaT for double my money and make a $10k profit which would make my entire S85 swap....basically free lol
3) Sell it as a swap kit to a person in need who I don't deem to be a shitfuck. 
For posterity, I have to post 1 pic of the E46 as it currently is. Pics of the M5 donor are below:

 

 
I have talked with Efab at length and we've gathered cost information from several parts providers for everything that needs to be customized at this point - things like the radiator, ac lines, oil cooler/lines, etc. which all are going to have to be custom built. This list is not exhaustive and will be updated over time - it includes what we feel is 98% of the necessary parts for the build currently. 
It is worth noting that this does not include labor costs for things like R&R the engine between the S85/E46, or labor to part out the S85, or installing the additional parts on the E46 like the new diff, trans/clutch, etc. Most of that is being given to me for free by Efab since the expectation is that promotion from this build will likely net them some new deep-pocketed customers in the future.
PRICING / PARTS BREAKDOWN:
 
 
 
 

Meh, whatever.  Its only the cost of some peoples homes.  Quit being a peasant.  It's all in the name of the ultimate driving experience!  That's priceless-ish!

Picked up a really clean E9x 6MT just now on ebay. 56k miles on it at $1800 shipped is maybe 100-200 bucks overpriced but it obviously includes the knick knacks like shift linkage, etc. as opposed to being just a bare transmission. May need to end up fabricating a custom shift linkage anyway but I'd rather have the stock parts with the transmission if I can, so this makes sense I think. 

Picked up a really clean E9x 6MT just now on ebay. 56k miles on it at $1800 shipped is maybe 100-200 bucks overpriced but it obviously includes the knick knacks like shift linkage, etc. as opposed to being just a bare transmission. May need to end up fabricating a custom shift linkage anyway but I'd rather have the stock parts with the transmission if I can, so this makes sense I think. 

Thread winner 😂😂😂
You probably should. I talked to him on Friday and he said he had a line of people who wanted it but nobody had paid yet - I assumed that while I was spending the next few days planning this all out in a rush, that it would sell. Then I talked to him on Monday and he says it's just a bunch of idiots trying to get a loan for a $7k salvage M5 with no title and not even a salvage certificate. If not for me who knows when he'd actually sell it 😂

literally lolol'ing 🤣🤣

1/8/2019 Update - I am changing the status of this to "on hold". The donor car is being parted out this week but I am holding on to the engine, ECU, CAS module, EWS module, etc. basically all the bits needed for the swap. It may be a year or two before I do it, or I may end up selling the engine for cash at some point down the road, but for now I think it makes sense to just keep the stuff I need for the swap since I can break even on the donor car purchase simply by parting out everything else. The transmission has already been sold for 2800 which is nearly half of what I paid for the car. Unfortunately my house needs new windows and a couple doors and I have stupid fancy windows that is going to cost me at least $45k to replace everything. My hope is that by sometime in 2020 I can re-consider this swap project and pick it up again. 
I am still preparing for the swap by putting a 4.10 2-clutch diff in the E46 this spring since it needs a new diff anyway. This is the diff that we would be using when swapping the S85 in, and it makes sense anyway since BMW M-differentials suck horribly due to their locking being based on hydro upon slippage during a turn as opposed to any sort of pre-emptive locking like a proper LSD from diffsOnline will do. 
 
12/17/2018 Update - I am canning this project and parting out the donor car for profit. I originally had a top-end budget of gross cost of 30k including the donor car. I have talked to some other shops who have done this swap multiple times with full OBD2 compliance, a/c, etc. like I was planning and there are some budget items that are just wrong on the estimate. Realistic gross cost should be factored at about 40k and even that may be a bit light. Our original cost estimates were based off of Epic's swaps, but that doesn't really factor in that Epic builds race cars that don't need to be emissions compliant, nor do they need to worry about stuff like ground clearance. I learned that without modifying the frame rails, the oil pan on the s85 will sit too close to the ground for a street car, so you need to do some fabrication work to modify the frame rails accordingly. I have also learned that whether it's using the E60 ECu or the Awron standalone, both are a nightmare to wire. We were under the impression that the E60 ECU would be a lot more straightforward, but I'm hearing otherwise from reputable sources. 
So I am going to use the profits of the partout to pay for an upgraded LSD (my current diff is in really bad shape), and cover the cost of my BBK. 
 
12/15/2018 Update - The bottom of this post is updated and will continue to be updated with full list of budget items for the build
 
I already have an E46 thread but this feels like it's going to be worth a separate post. I want a dedicated thread where I can post information about the swap as it happens and document everything. 
I've been talking about a swap with E-fab Motorsports for a couple months now, knowing that a V10 in an E46 would be a dream to park next to my S65. Research has been done, and other shops who have done these swaps have been contacted for information. We know what the budget should be, and I'll be working with E-fab such that this car can hopefully be used to help promote Eric's business in the Chicago area and potentially beyond. He's done a lot of good work for me this past year and we've developed a good relationship, he's able to fabricate and has a great wiring tech so I feel like this is a sound partnership for the swap. 
What is the goal? This will be a complete swap with fully functioning amenities - A/C, heat, power windows, push button start, etc. Nothing is going to be haggard or half-assed. The custom exhaust will even be valved with an in-cabin F-you button to activate/deactivate. The swap is not done with a standalone ECU/programming. The car will use the stock E60 M5 ECU, flashed by Epic and wired in to the E46 harness and dash cluster. 
Some key points of consideration:
1) stock e46 M3 steering rack can be used with an S85 from this 2008 donor because by 2008 BMW had moved the CAS module out of the M5 steering column. This is enormously helpful because it allows the swap to go on without any suspension modification or steering modification 
2) The engine fits with no modification required to the oil pan, and stock S85 headers also fit although it is tight. 
3) Fabrication requirements are limited mainly to custom engine mount brackets, some subframe modification, and making a driveshaft/shifter assembly. A couple odds and ends need to also be fabricated like custom power steering lines which is about 400 bucks, and some custom coolant hard lines to the block
4) A 6MT from an E9x M3 can be used in this swap as it bolts right up to the S85 block
Most of this basic info has been procured from Epic who has done a couple of these swaps, and they also provide a flash tune for the ECU for this swap
Now, on to the real exciting news - Steve at Blunt Tech posted a 2008 M5 on R3V a few days ago with only 33k miles on it, totaled due to side impact (see photos). He sent a video of the car starting right up and mechanically it is all good. Other than being an SMG, it's a perfect donor. It was only $7k which I am sure I can recoup most of by selling the Dinan exhaust, rear end, low mileage SMG, suspension, wheels, and probably the currently ruined interior to a tracksuit-wearing russian with a 530i (E-fab made up the part about the russian but I'm taking credit anyway).
The car has been acquired as of now. Sometime over the next month I'll likely be down there in the shop helping Eric part out the shit I want to sell. The actual swap work will likely begin in January/February and hopefully be done by April. 
Before anyone asks the inevitable question of "what are you gonna do with your S54 engine/trans/harness?" - I don't know for sure yet, but the current ideas are this:
1) Eric at Efab needs an engine for his E36 so we may be working out a deal for the labor on this swap by giving him my S54 parts so he can build his E36
2) Buy an E30, do an S54 swap and rejoin the cool kid E30 crew so I don't feel out of place when rolling with TJ, or more than likely flip it on BaT for double my money and make a $10k profit which would make my entire S85 swap....basically free lol
3) Sell it as a swap kit to a person in need who I don't deem to be a shitfuck. 
For posterity, I have to post 1 pic of the E46 as it currently is. Pics of the M5 donor are below:

 

 
I have talked with Efab at length and we've gathered cost information from several parts providers for everything that needs to be customized at this point - things like the radiator, ac lines, oil cooler/lines, etc. which all are going to have to be custom built. This list is not exhaustive and will be updated over time - it includes what we feel is 98% of the necessary parts for the build currently. 
It is worth noting that this does not include labor costs for things like R&R the engine between the S85/E46, or labor to part out the S85, or installing the additional parts on the E46 like the new diff, trans/clutch, etc. Most of that is being given to me for free by Efab since the expectation is that promotion from this build will likely net them some new deep-pocketed customers in the future.
PRICING / PARTS BREAKDOWN:
 
 
 
 

1/8/2019 Update - I am changing the status of this to "on hold". The donor car is being parted out this week but I am holding on to the engine, ECU, CAS module, EWS module, etc. basically all the bits needed for the swap. It may be a year or two before I do it, or I may end up selling the engine for cash at some point down the road, but for now I think it makes sense to just keep the stuff I need for the swap since I can break even on the donor car purchase simply by parting out everything else. The transmission has already been sold for 2800 which is nearly half of what I paid for the car. Unfortunately my house needs new windows and a couple doors and I have stupid fancy windows that is going to cost me at least $45k to replace everything. My hope is that by sometime in 2020 I can re-consider this swap project and pick it up again. 
I am still preparing for the swap by putting a 4.10 2-clutch diff in the E46 this spring since it needs a new diff anyway. This is the diff that we would be using when swapping the S85 in, and it makes sense anyway since BMW M-differentials suck horribly due to their locking being based on hydro upon slippage during a turn as opposed to any sort of pre-emptive locking like a proper LSD from diffsOnline will do. 
 
12/17/2018 Update - I am canning this project and parting out the donor car for profit. I originally had a top-end budget of gross cost of 30k including the donor car. I have talked to some other shops who have done this swap multiple times with full OBD2 compliance, a/c, etc. like I was planning and there are some budget items that are just wrong on the estimate. Realistic gross cost should be factored at about 40k and even that may be a bit light. Our original cost estimates were based off of Epic's swaps, but that doesn't really factor in that Epic builds race cars that don't need to be emissions compliant, nor do they need to worry about stuff like ground clearance. I learned that without modifying the frame rails, the oil pan on the s85 will sit too close to the ground for a street car, so you need to do some fabrication work to modify the frame rails accordingly. I have also learned that whether it's using the E60 ECu or the Awron standalone, both are a nightmare to wire. We were under the impression that the E60 ECU would be a lot more straightforward, but I'm hearing otherwise from reputable sources. 
So I am going to use the profits of the partout to pay for an upgraded LSD (my current diff is in really bad shape), and cover the cost of my BBK. 
 
12/15/2018 Update - The bottom of this post is updated and will continue to be updated with full list of budget items for the build
 
I already have an E46 thread but this feels like it's going to be worth a separate post. I want a dedicated thread where I can post information about the swap as it happens and document everything. 
I've been talking about a swap with E-fab Motorsports for a couple months now, knowing that a V10 in an E46 would be a dream to park next to my S65. Research has been done, and other shops who have done these swaps have been contacted for information. We know what the budget should be, and I'll be working with E-fab such that this car can hopefully be used to help promote Eric's business in the Chicago area and potentially beyond. He's done a lot of good work for me this past year and we've developed a good relationship, he's able to fabricate and has a great wiring tech so I feel like this is a sound partnership for the swap. 
What is the goal? This will be a complete swap with fully functioning amenities - A/C, heat, power windows, push button start, etc. Nothing is going to be haggard or half-assed. The custom exhaust will even be valved with an in-cabin F-you button to activate/deactivate. The swap is not done with a standalone ECU/programming. The car will use the stock E60 M5 ECU, flashed by Epic and wired in to the E46 harness and dash cluster. 
Some key points of consideration:
1) stock e46 M3 steering rack can be used with an S85 from this 2008 donor because by 2008 BMW had moved the CAS module out of the M5 steering column. This is enormously helpful because it allows the swap to go on without any suspension modification or steering modification 
2) The engine fits with no modification required to the oil pan, and stock S85 headers also fit although it is tight. 
3) Fabrication requirements are limited mainly to custom engine mount brackets, some subframe modification, and making a driveshaft/shifter assembly. A couple odds and ends need to also be fabricated like custom power steering lines which is about 400 bucks, and some custom coolant hard lines to the block
4) A 6MT from an E9x M3 can be used in this swap as it bolts right up to the S85 block
Most of this basic info has been procured from Epic who has done a couple of these swaps, and they also provide a flash tune for the ECU for this swap
Now, on to the real exciting news - Steve at Blunt Tech posted a 2008 M5 on R3V a few days ago with only 33k miles on it, totaled due to side impact (see photos). He sent a video of the car starting right up and mechanically it is all good. Other than being an SMG, it's a perfect donor. It was only $7k which I am sure I can recoup most of by selling the Dinan exhaust, rear end, low mileage SMG, suspension, wheels, and probably the currently ruined interior to a tracksuit-wearing russian with a 530i (E-fab made up the part about the russian but I'm taking credit anyway).
The car has been acquired as of now. Sometime over the next month I'll likely be down there in the shop helping Eric part out the shit I want to sell. The actual swap work will likely begin in January/February and hopefully be done by April. 
Before anyone asks the inevitable question of "what are you gonna do with your S54 engine/trans/harness?" - I don't know for sure yet, but the current ideas are this:
1) Eric at Efab needs an engine for his E36 so we may be working out a deal for the labor on this swap by giving him my S54 parts so he can build his E36
2) Buy an E30, do an S54 swap and rejoin the cool kid E30 crew so I don't feel out of place when rolling with TJ, or more than likely flip it on BaT for double my money and make a $10k profit which would make my entire S85 swap....basically free lol
3) Sell it as a swap kit to a person in need who I don't deem to be a shitfuck. 
For posterity, I have to post 1 pic of the E46 as it currently is. Pics of the M5 donor are below:

 

 
I have talked with Efab at length and we've gathered cost information from several parts providers for everything that needs to be customized at this point - things like the radiator, ac lines, oil cooler/lines, etc. which all are going to have to be custom built. This list is not exhaustive and will be updated over time - it includes what we feel is 98% of the necessary parts for the build currently. 
It is worth noting that this does not include labor costs for things like R&R the engine between the S85/E46, or labor to part out the S85, or installing the additional parts on the E46 like the new diff, trans/clutch, etc. Most of that is being given to me for free by Efab since the expectation is that promotion from this build will likely net them some new deep-pocketed customers in the future.
PRICING / PARTS BREAKDOWN:
 
 
 
 

I did a poor job on the swap so kaiser is redoing it