Hey Jared. I recently bought my first BMW, a used 97 M3, and after I took it in to have it picked over by the BMW mechanics, my car developed the same ticking. I took it back in and the mechanic told me that it was the VANOS. He said that it was no cause for concern if I didn't mind the ticking, or I could have the VANOS replaced, which he estimated at around $5,000. I don't like the ticking but don't necessarily want to sink $5,000 into a car I've only had for a few months. Don't get me wrong, I love this car and I'm considering, but at this point I'm just happy when the car starts and it's a low growl instead of a tick. Let me know what you find out.
Jeff