BMW Repair: BMW 325XI issue, 2003 bmw 325xi, high pitch sound

Question
Hi Mr. Berlan
I have a 2003 BMW 325XI, with 167K. I bought it about 4 months ago straight from the auction for 17500 cdn so it was without any type or warantee. After purchase, it overheated the same day. Turned out the fan had to be replaced so the previous owner had just unplugged it to avoid detection. About two months ago, there was this smell like something was burning coming through my vents. Took the car in for its regular oil change and mentioned it, told it could be burning oil from a leak, they took a look, saw no problems, sent me on my way. Smell has been continuing, getting worse in intensity and frequency. I have also started hearing this weird high pithed squeeky noice coming from the hood when the car is first started and at rest. The sound dissapears once the car moves but returns again at rest.
I know it would be easy to take it too a dealer but i can't afford it. I have not yet had any tune ups done on the car since i purchased it for the same reason. The fan replacement was 600 alone and my oil change and related filter costs at Mr. Lube were over 500. I am new to the city so i don't trust any mechanics here.
Any suggestions to what the problems might be?...Have I bought a lemon?

Answer
Are there any other oil leaks such as rear axle seals or transmission output seal.These dripping on the exhaust could cause a burning smell.The high pitch sound maybe the serpentine belt or a idler pulley.Check it by removing the belt and start the engine to see if the noise is gone.You'll also want to spin the idler pulleys to see if the turn freely.
A lemon? no it has 167k  on it and it is 6 years old.And you bought it at an auction.