What am I in for - 1987 16v

[///alpinepower]

The car runs, the transmission (auto) is perfect. has 110k miles.
Problems:
1. hole in front fender liner
2. needs rubber. all of it. tires, seals, gaskets.
3. gold/silver paint is awful and trashed

i have also found 2 manuals with under 100k miles.

i want to get the thing in top shape to run it at the track (PCA, BMWCCA, etc.) and they won't take structurally rusty (avoided) cars or anything loose (seems ok here, too). It has to be in new condition, basically.

what are some common weak points that i will face?