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If you look up a buying guide for the E46 M3 a lot of the issues with those apply to the Z4M as well. Issues and maintenance on the engine is pretty much the same, though rod bearings do seem to last a little longer on the E85/E86. The Z4M rear subframe doesn't crack like the E46, and issues with front or rear shock towers bending/mushrooming/cracking are less common.
I would also really recommend getting a PPI done on any car before you buy it. Preferably somewhere familiar with the S54 engine. When I got it on my car the mechanic found that the car had a Vanos rattle and some oil leaks so the buyer kindly reduced the price by some of the cost of fixing those things.
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