My parents are buying me an '84 BMW 318 for graduation. I believe its called a 318i, its a 4 door.

Its going to be my daily driver for the next 4 years in College. and I know it needs a water pump and somethings wrong with the a/c, which i want, so i'll figure that out. But is there anything I should know about this car? Certain parts prone to go out? weak points?

And Also, what are some light modifications I can do to keep it reliable, yet more fun. I know these sound like basic questions, but I know nothing about bmws. Ok, time to recap.

Questions:
1)Any weak points on this particular engine/tranny/chassis?
2)What should be the first modifications?
3)Where to buy parts?
4)(flame suit on) Is this car carb or FI?

(I've only seen the car once, and i was driving by)

Oh and to those who will say im spoiled because my parents are buying me a car... I'm the '09 Valedictorian of all the Faith Academy campuses on the south side. lol, i think i deserve it.