Checking for damage and wear:
WARNING: This page is about a different car, the 2002 BMW M Roadster, 2002 BMW M Coupe, 2001 BMW M Roadster, and 2001 BMW M Coupe. However, it is still accessible from the selected car via links, so may be relevant.
Check steering sleeves, flexible disk and axle and tie rod sleeves for damage (e.g. cracks, holes) for leaks or missing clamping bands on gaiters.