I went ahead and did research on ISTA and if you don't mind, Jadar, I would like you to verify the information I found and approve that it is the right stuff and will work for me in my situation.
So, for setting up ISTA, I found this:
http://www.bimmerfest.com/forums/sho...d.php?t=936877
I don't have ICOM, but I suppose an E-Net cable should be enough for the brake bleed?
And for the actual brake bleeding procedures, I found these 2 website. Do you think one is better than the other or if either will work:
#1:
https://f30.bimmerpost.com/forums/sh....php?t=1318401
#2:
http://www.m5board.com/vbulletin/e60...ml#post5838729
Thanks again in advance!