Looking for my first car pre prepped or car with major mechanical damage or needing tlc. Blown auto trans is a good candidate. I want something rwd preferably bmw. Been trying to find a e36. Second what class would you recommend to start gunning for going for? Thanks in advance

If you're stuck on a BMW, try to get a E36 325i or 325is and race it in IP2.  Talk to the Nixon Prosports guys, they've built one that's fast and could probably give you some very good advice.

Alternatively you could buy/build an E30 PRO3 car and compete in ICSCC events.  Hit up the guys on the ICSCC forum and they'll point you in the right direction.

+1 Spec Miata.
Unless you're really interested in learning to prep a car yourself (like I did), buying a race ready car is significantly cheaper.

Have you considered open wheel? Formula Vee and Formula Ford are inexpensive and a blast. You can easily get started for well under $10k.

You can find the spec miata rules here: http://www.scca.com/clubracing/content.cfm?cid=44472

At 6'3" you may be a bit big for that car (I'm 6'1"). The steering column can move, but you can't cut the floor pan to lower the seat (I'm bolted directly to it).

Thanks for the advice another thing i would like to how much do you budget for a season of racing exuding the cost of a car?

You can probably get into a Formula Vee for under $4,000 (Talk to Al Ores), if this is your first year racing all you want is a reliable car. Formula Vees can be kept on the track for very little money if you can do your own work, and there is lots of support at the track. You can almost guarantee you will have someone to race with. Because Vees are momentum cars (not much power so you need to take a line that keeps your speed up) you will gain more driving skills (fast cars can hide your lack of skill... until you run against a good driver with an equal car). Fuel is also cheep for a Vee. For a little more money you can rent a Vee from FART and arrive and drive (and I considered this for my daughter), however it can be more fun and less expensive to wrench on your own car.

Although I agree with Larry about Camaros and Mustangs, they are thirsty, and if you are running a race motor in one the gas is not cheep either (this is why I have someone else race my Historic former Trans Am / IMSA tube frame Camaro, I can’t afford the gas).

Hope to see you at the track

Thanks for the +++s boys. If you're (bimmerfest) near Delta this coming Sat. we will be at the shop. Give us a call and stop by for a viewing. 604.838.8264. We just happen to have a couple of Pro-3 cars, a few FF's, and a number of FV's. Try one on, bring your helmet. Big decision ($$) to make. Get lots of info and try on some different rides. You can rent O/W cars and C/W cars and decide from there. Oh ya....don't forget your sense of humour (humor) when you show up.
Bob