2001 325CI poorly maintained.. need advice

So i just picked up this 325CI off ebay.. thought it was a steal for the price.. clean carfax.. 3 month warrenty.. sport package..not a ding or a scratch on the thing.. perfect. So i get it a few days ago, and just got it inspected by my mechanic who i trust with my life and he said it probably had 2-3 oil changes in the 55 thousand miles it has on it. There was burnt oil all over the oil cap and a little inside. That plus the anti-freeze was empty.. and the engine light wasnt on which was an added bonus. The 3 days b4 this ive been driving it and wow.. it drives nice. The first thing i did was get an oil change. But now i must decide.. what to do. Sell it? or keep it and if it goes get a new engine. Plus i tend to push my cars sometimes to the limit and with this i obviously cant due to past maintenance issues. How well are the BMW engines made? Can they withstand this kind of poor treatment?

- very few oil changes in 55 thousand miles
- received car and anti-freeze was practically empty
- burnt oil on oil cap and inside engine
- oil light goes on for a good 15-20 seconds when the car starts then goes off once it heats up.

i feel like crying.. for all the trouble i went through to get this car.

so my question is.. what would you do in this situation?

If i were you I would keep it. You said you have a mechanic who you trust, and it feels good. I would let him give it a full fluid flush, try and get that burnt oil outta the engine then drive it. Like you said pushing it might be a bit outta the question, at least until you get to know the vehicle a bit.

i work for a bmw dealership here in new jersey,first off,bmws are tuff,their engines are top notch ,something ford should learn about,i would bring the car to a bmw dealer and have them check it out,have them run for any faults,just because a service engine soon light is not on it does not mean there are no faults,have them do a pressure check on cooling system, check for any oil leaks ,and check operation of crankcase vent valves, and compression check of all cylinders,if eveything is ok do a coolant flush and oil service with filterbmw did have a recall on ignition coils ,see if its involved ,explain situation with service manager i do belive he will agree,any service records with car ,my email is qcmike6454@gmail.com. keep me posted, i do know alot and have many friends at the dealership and with bmw