Here's my 2 cents.
Step 1: buy a BMW CCA Membership ($48)
Step 2: Book a trip to BMW's 2 day M School in South Carolina (use CCA membership to get 15% off)
Step 3: If your set on a e9x m3 get a 09' and buy extended warranty, if not get an e46 m3 with less than 100,000 miles and then buy an extended warranty for that.
Step 4: With money save buying an older m3, move out.