update on progress:
Have had bike little over a month.
Changed plugs, has spark, tank interior fuel lines changed, fuel line pressure steady at 45 psi, had injectors cleaned and balanced, metal fuel quick disconnects added.
Will not start. Sprayed starter into air intake, not a hint of a start. Any ideas? Have made an appointment at Max BMW in Connecticut for 3 hours of tech time to see what they can come up with. Will trailer it over on 8th of August. Apparently computer diagnosis is not possible without engine running (catch 22). It's a beautiful looking machine. Really do not wish to make a planter for our front yard out of it. My best guesses at this point are that fuel is not getting to the engine or EFI needs to be replaced.
IF you have spark, check the orientation of your wires to make sure you don't have them crossed. It takes far higher voltage to jump the plug gap under compression than out in the open so your plug wires may be arcing outside the chamber if they are bad. if they are swapped on the coil, they would be 180 degrees out, firing on the exhaust stroke.
Someone will properly chastise me if I get this wrong but they are resistor wires and boots. They should measure about 6K ohms, 1K for the wire and 5K for the boot.
Have you done a compression test yet to make sure there isn't internal damage or if the valves are out of timing?
Not sure you mentioned how many miles are on the clock but it sounds like you may have gotten a good deal if you can get her to fire up.
+1 on everything anyone has said up to this point. I have a 2001 and just did my FD crown bearing, .35mm over shimmed and lose from journal wear waiting to fail soon and a second brake line just burst 2 days ago so SS on the way for me also.
If you still have it far enough apart, you can check to see if the injectors are firing. Someone may have a better way to check other than pulling the fuel rail and hanging it off to the side while you crank and see if it sprays fuel but that would let you know.
Good luck and let us know what you find at Max
One more thing to examine is the breather tube on the back side of the throttle body as that deteriorates and will leak oil all over the top of the engine. Many have made their own out of copper as a permanent as I did.